§ 36-7-4-1326 — Ordinance; special reduced rates for affordable housing development

(a) An impact fee ordinance may provide
for a reduction in an impact fee for housing development that provides
sale or rental housing, or both, at a price that is affordable to an
individual or a family earning less than eighty percent (80%) of the
median income for the county in which the housing development is
located. If the housing development comprises more than one (1)
residential unit, the impact fee reduction shall apply only to the
residential units that are affordable to an individual or a family earning
less than eighty percent (80%) of the median income of the county.
(b) If the impact fee ordinance provides for a reduction in an impact
fee under subsection (a), the ordinance must:
(1) contain a schedule or formula that sets forth the amount of the
fee reduction for various types of housing development specified
in subsection (a);
(2) require that, as a condition of receiving the fee reduction, the
owner execute an agreement that:
(A) is binding for a period of at least five (5) years on the owner
and subsequent owners; and
(B) limits the tenancy of residential units receiving the fee
reduction to individuals or families who at the time the tenancy
is initiated are earning less than eighty percent (80%) of the
median income of the county;
(3) contain standards to be used in determining if a particular
housing development specified in subsection (a) will receive a fee
reduction; and
(4) designate a board or an official of the unit to conduct the
hearing required by subsection (c).
(c) A fee reduction authorized by this section must be approved by
a board or official of the unit at a public hearing.

Legislative History

As added by P.L.221-1991, SEC.27.