§ 36-7-14-53 — Residential housing development program; authorization; procedures

(a) A commission may establish a residential
housing development program by resolution for the construction of new
residential housing or the renovation of existing residential housing in
an area within the jurisdiction of the commission.
(b) The program, which may include any relevant elements the
commission considers appropriate, may be adopted as part of a
redevelopment plan or amendment to a redevelopment plan, and must
establish an allocation area for purposes of sections 39 and 56 of this
chapter for the accomplishment of the program. The program must be
approved by the municipal legislative body or county executive as
specified in section 17 of this chapter.
(c) The notice and hearing provisions of sections 17 and 17.5 of this
chapter, including notice under section 17(c) of this chapter to a taxing
unit that is wholly or partly located within an allocation area, apply to
the resolution adopted under subsection (b). Judicial review of the
resolution may be made under section 18 of this chapter.
(d) Before formal submission of any residential housing
development program to the commission, the department of
redevelopment shall:
(1) consult with persons interested in or affected by the proposed
program, including the superintendents and governing body
presidents of all school corporations located within the proposed
allocation area;
(2) provide the affected neighborhood associations, residents, and
township assessors with an adequate opportunity to participate in
an advisory role in planning, implementing, and evaluating the
proposed program; and
(3) hold at least one (1) public meeting to obtain the views of
neighborhood associations and residents of the affected
neighborhood. The department of redevelopment shall send notice
thirty (30) days prior to the public meeting to the fiscal officer of
all affected taxing units and to the superintendents and governing
body presidents of all school corporations located within the
proposed allocation area.
(e) A residential housing development program established under
this section must terminate not later than twenty (20) years after the
date on which the first obligation was incurred to pay principal and
interest on bonds or lease rentals on leases payable from tax increment
revenues from the program.
(f) A county or municipality may request from the department of
local government finance a report, if it exists, describing the effect of
current assessed value allocated to tax increment financing allocation
areas on the amount of the tax levy or proceeds and the credit for
excessive property taxes under IC 6-1.1-20.6 for the taxing units within
the boundaries of the residential housing development program.

Legislative History

As added by P.L.235-2019, SEC.2. Amended by P.L.154-2020, SEC.48; P.L.204-2023, SEC.7.