§ 5-1.2-15.5-9 — Residential housing infrastructure assistance revolving fund; use of money

Indiana § 5-1.2-15.5-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 15.5: Residential Housing Infrastructure Assistance

Text

(a) The residential housing infrastructure
assistance revolving fund is established. The fund is a revolving fund
to provide money for loans under this chapter to or for the benefit of
participants.
(b) The fund consists of:
(1) appropriations from the general assembly;
(2) grants and other gifts of money; and
(3) loan repayments, including interest, premiums, and penalties.
(c) The authority shall administer, hold, and manage the fund.
(d) The cost of administering the fund shall be paid from money in
the fund.
(e) Money in the fund shall be used to make loans for public
infrastructure for the support of residential housing.
(f) Money in the fund may not be used for any of the following
purposes:
(1) Repayment of any debt incurred for a project other than an
eligible project.
(2) Routine maintenance and repair projects.
(3) Upgrading utility poles.
(4) Fees for studies, reports, designs, or analyses prepared by
consultants or engineers for an eligible project.
(g) Money in the fund is continuously appropriated for the purposes
of this chapter.
(h) Money in the fund does not revert to the state general fund at the
end of a state fiscal year.

Legislative History

As added by P.L.204-2023, SEC.5.