§ 5-20-3-4 — Establishment of mutual housing association; articles of incorporation

(a) A mutual housing association may be
established as a nonprofit corporation incorporated under IC 23-7-1.1
(before its repeal on August 1, 1991) or IC 23-17 to prevent and
eliminate neighborhood deterioration and to preserve neighborhood
stability by:
(1) providing high quality, long term housing for families of low
and moderate income; and
(2) affording community and residential involvement in the
provision of that housing.
(b) The articles of incorporation of a mutual housing association
must be approved by the authority.
(c) The articles of incorporation of a mutual housing association
must include a provision that provides that if the mutual housing
association dissolves, is involved in a bankruptcy proceeding, or
otherwise disposes of its physical properties, the association may only
transfer the assets to another entity that provides high quality long term
housing for families of low and moderate income.

Legislative History

As added by P.L.69-1989, SEC.3. Amended by P.L.179-1991, SEC.8; P.L.1-1992, SEC.12; P.L.1-2006, SEC.108 and P.L.181-2006, SEC.23; P.L.145-2008, SEC.8.