5.
(a)The general assembly finds the
following:
(1)Federal law permits the sale of a multiple family housing
project that is or has been covered, in whole or in part, by a
contract for project based assistance from the United States
Department of Housing and Urban Development without
requiring the continuation of that project based assistance.
(2)Such a sale displaces the former residents of a multiple family
housing project described in subdivision (1) and increases the
shortage of safe and affordable housing for persons of low and
moderate income within the county.
(3)The displacement of families and individuals from affordable
housing requires increased expenditures of public funds for crime
prevention, public health and safety, fire and accident prevention,
and other public service
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5. (a) The general assembly finds the
following:
(1) Federal law permits the sale of a multiple family housing
project that is or has been covered, in whole or in part, by a
contract for project based assistance from the United States
Department of Housing and Urban Development without
requiring the continuation of that project based assistance.
(2) Such a sale displaces the former residents of a multiple family
housing project described in subdivision (1) and increases the
shortage of safe and affordable housing for persons of low and
moderate income within the county.
(3) The displacement of families and individuals from affordable
housing requires increased expenditures of public funds for crime
prevention, public health and safety, fire and accident prevention,
and other public services and facilities.
(4) The establishment of a supplemental housing program under
this section will do the following:
(A) Benefit the health, safety, morals, and welfare of the county
and the state.
(B) Serve to protect and increase property values in the county
and the state.
(C) Benefit persons of low and moderate income by making
affordable housing available to them.
(5) The establishment of a supplemental housing program under
this section and sections 32 through 35 of this chapter is:
(A) necessary in the public interest; and
(B) a public use and purpose for which public money may be
spent and private property may be acquired.
(b) In addition to its other powers with respect to a housing program
under sections 32 through 35 of this chapter, the commission may
establish a supplemental housing program. Except as provided by this
section, the commission has the same powers and duties with respect
to the supplemental housing program that the commission has under
sections 32 through 35 of this chapter with respect to the housing
program.
(c) One (1) allocation area may be established for the supplemental
housing program. The commission is not required to make the findings
required under section 34(5) through 34(7) of this chapter with respect
to the allocation area. However, the commission must find that the
property contained within the boundaries of the allocation area consists
solely of one (1) or more multiple family housing projects that are or
have been covered, in whole or in part, by a contract for project based
assistance from the United States Department of Housing and Urban
Development or have been owned at one time by a public housing
agency. The allocation area need not be contiguous. The definition of
"base assessed value" set forth in section 35(a) of this chapter applies
to the special fund established under section 26(b) of this chapter for
the allocation area.
(d) The special fund established under section 26(b) of this chapter
for the allocation area established under this section may be used only
for the following purposes:
(1) Subject to subdivision (2), on January 1 and July 1 of each
year the balance of the special fund shall be transferred to the
housing trust fund established under subsection (e).
(2) The commission may provide each taxpayer in the allocation
area a credit for property tax replacement in the manner provided
by section 35(b)(7) of this chapter. Transfers made under
subdivision (1) shall be reduced by the amount necessary to
provide the credit.
(e) The commission shall, by resolution, establish a housing trust
fund to be administered, subject to the terms of the resolution, by:
(1) the housing division of the consolidated city; or
(2) the department, division, or agency that has been designated
to perform the public housing function by an ordinance adopted
under IC 36-7-18-1.
(f) The housing trust fund consists of:
(1) amounts transferred to the fund under subsection (d);
(2) payments in lieu of taxes deposited in the fund under IC 36-3-2-12;
(3) gifts and grants to the fund;
(4) investment income earned on the fund's assets;
(5) money deposited in the fund under IC 36-2-7-10(l) or IC 36-2-7-10.7; and
(6) other funds from sources approved by the commission.
(g) The commission shall, by resolution, establish uses for the
housing trust fund. However, the uses must be limited to:
(1) providing financial assistance to those individuals and
families whose income is at or below eighty percent (80%) of the
county's median income for individuals and families, respectively,
to enable those individuals and families to purchase or lease
residential units within the county;
(2) paying expenses of administering the fund;
(3) making grants, loans, and loan guarantees for the
development, rehabilitation, or financing of affordable housing
for individuals and families whose income is at or below eighty
percent (80%) of the county's median income for individuals and
families, respectively, including the elderly, persons with
disabilities, and homeless individuals and families;
(4) providing technical assistance to nonprofit developers of
affordable housing; and
(5) funding other programs considered appropriate to meet the
affordable housing and community development needs of lower
income families (as defined in IC 5-20-4-5) and very low income
families (as defined in IC 5-20-4-6), including lower income
elderly individuals, individuals with disabilities, and homeless
individuals.
(h) After June 30, 2017, at least forty percent (40%) of the money
deposited in the housing trust fund shall be used for the following
purposes:
(1) To assist existing owner occupants with the repair,
rehabilitation, or reconstruction of their homes.
(2) To finance the acquisition, rehabilitation, or new construction
of homes for home buyers.
(3) To acquire, rehabilitate, or construct rental housing.
(i) At least fifty percent (50%) of the dollars allocated for
production, rehabilitation, or purchase of housing must be used for
units to be occupied by individuals and families whose income is at or
below fifty percent (50%) of the county's area median income for
individuals and families, respectively.
(j) The low income housing trust fund advisory committee is
established. The low income housing trust fund advisory committee
consists of eleven (11) members. The membership of the low income
housing trust fund advisory committee is comprised of:
(1) one (1) member appointed by the mayor, to represent the
interests of low income families;
(2) one (1) member appointed by the mayor, to represent the
interests of owners of subsidized, multifamily housing
communities;
(3) one (1) member appointed by the mayor, to represent the
interests of banks and other financial institutions;
(4) one (1) member appointed by the mayor, of the department of
metropolitan development;
(5) three (3) members representing the community at large
appointed by the commission, from nominations submitted to the
commission as a result of a general call for nominations from
neighborhood associations, community based organizations, and
other social services agencies;
(6) one (1) member appointed by and representing the Coalition
for Homeless Intervention and Prevention of Greater Indianapolis;
(7) one (1) member appointed by and representing the Local
Initiatives Support Corporation;
(8) one (1) member appointed by and representing the Indiana
housing and community development authority; and
(9) one (1) member appointed by and representing the
Indianapolis Neighborhood Housing Partnership.
Members of the low income housing trust fund advisory committee
serve for a term of four (4) years, and are eligible for reappointment. If
a vacancy exists on the committee, the appointing authority who
appointed the former member whose position has become vacant shall
appoint an individual to fill the vacancy. A committee member may be
removed at any time by the appointing authority who appointed the
committee member.
(k) The low income housing trust fund advisory committee shall
make recommendations to the commission regarding:
(1) the development of policies and procedures for the uses of the
low income housing trust fund; and
(2) long term sources of capital for the low income housing trust
fund, including:
(A) revenue from:
(i) development ordinances;
(ii) fees; or
(iii) taxes;
(B) financial market based income;
(C) revenue derived from private sources; and
(D) revenue generated from grants, gifts, donations, or income
in any other form, from a:
(i) government program;
(ii) foundation; or
(iii) corporation.
(l) The county treasurer shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.