Indiana § 36-7-14-54 Residential housing development program; powers; restrictions

Indiana Statutes

§ 36-7-14-54 — Residential housing development program; powers; restrictions

Indiana·Title 36 LOCAL GOVERNMENT·Art. 7 PLANNING AND DEVELOPMENT·Ch. 14 Redevelopment of Areas Needing Redevelopment

(a)This section applies only to a residential housing development program authorized by section 53 of this chapter.

(b)Except as provided in subsections (c) and (d), all the rights, powers, privileges, and immunities that may be exercised by the commission in blighted, deteriorated, or deteriorating areas may be exercised by the commission in implementing its program for a residential housing development, including the following:

(1)The special tax levied in accordance with section 27 of this chapter may be used to accomplish the purposes of the residential housing development program.

(2)Bonds may be issued under this chapter to accomplish the residential housing development program, but only one (1) issue of bonds may be issued and payable from increments in any allocation area excep

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(a) This section applies only to a residential
housing development program authorized by section 53 of this chapter.
(b) Except as provided in subsections (c) and (d), all the rights,
powers, privileges, and immunities that may be exercised by the
commission in blighted, deteriorated, or deteriorating areas may be
exercised by the commission in implementing its program for a
residential housing development, including the following:
(1) The special tax levied in accordance with section 27 of this
chapter may be used to accomplish the purposes of the residential
housing development program.
(2) Bonds may be issued under this chapter to accomplish the
residential housing development program, but only one (1) issue
of bonds may be issued and payable from increments in any
allocation area except for refunding bonds or bonds issued in an
amount necessary to complete a residential housing development
program for which bonds were previously issued.
(3) Leases may be entered into under this chapter to accomplish
the residential housing development program.
(4) The tax exemptions set forth in section 37 of this chapter are
applicable.
(5) Property taxes may be allocated under section 39 of this
chapter.
(c) A commission may not exercise the power of eminent domain in
implementing its residential housing development program.
(d) A commission may not enter into lease financing or bond
financing unless the commission first obtains approval of the county or
municipal legislative body.
(e) The residential housing in a residential housing development
program may not be encumbered, used as collateral, subjected to a
monetary assessment, or otherwise restricted in any way in order to
provide security for repayment of a bond that is issued or a lease that
is entered into for or in connection with the residential housing
development program, including any:
(1) lien;
(2) mortgage;
(3) covenant;
(4) special assessment; or
(5) restriction on a homeowner's right to appeal a property tax
assessment or other property tax issue affecting a homeowner's
liability for property taxes.

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