§ 5-20-4-14 — Policies and procedures for implementation of chapter

Indiana § 5-20-4-14

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 20: HOUSING
• Ch. 4: Affordable Housing and Community Development Fund

Text

The authority shall establish written policies
and procedures to implement this chapter. These policies and
procedures shall include the following:
(1) The development of an application process for requesting
financial assistance under this chapter.
(2) The establishment of a procedure for disbursing financial
assistance under this chapter.
(3) The establishment of a rate of interest for a loan under this
chapter.
(4) The establishment of loan underwriting criteria to protect the
assets of the fund. The authority shall require a lien or other
security when appropriate and in the amounts the authority
determines appropriate.
(5) A requirement that a financial institution holding an obligation
that is guaranteed under this chapter must adequately secure the
obligation.
(6) Standards requiring a local match for any assistance under this
chapter and establishing the level of local match required.
(7) The establishment of a cap on the amount of financial
assistance that any recipient may receive.
(8) The establishment of procedures to do the following:
(A) Ensure that an equitable part of all funds are distributed to
rural areas of Indiana.
(B) Enable the authority to use the fund to provide matching
funds to local housing trust funds in Indiana.
(C) Promote community economic development.

Legislative History

As added by P.L.69-1989, SEC.4. Amended by P.L.27-1993, SEC.23; P.L.1-2006, SEC.120; P.L.181-2006, SEC.38; P.L.1-2007, SEC.38.