§ 5-20-4-8 — Financial assistance; form; allocation

Indiana § 5-20-4-8

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

Text

(a) The money in the fund shall be used to
provide financial assistance in the form of:
(1) grants;
(2) loans; and
(3) loan guarantees.
In addition, money from the fund may be used to provide technical
assistance to nonprofit developers of low income housing.
(b) The financial assistance described in subsection (a) shall be used
for:
(1) the acquisition, construction, rehabilitation, development,
operation, and insurance of, and education concerning, affordable
housing and community economic development; or
(2) other programs considered appropriate to meet the affordable
housing and community development needs of lower income
families and very low income families, including lower income
elderly, persons with disabilities, and homeless individuals.
(c) At least fifty percent (50%) of the dollars allocated must be used
to serve very low income households.

Legislative History

As added by P.L.69-1989, SEC.4. Amended by P.L.23-1993, SEC.18; P.L.27-1993, SEC.18; P.L.181-2006, SEC.32; P.L.211-2007, SEC.2.