Indiana § 5-20-5-15.5 Affordable housing fund; establishment by eligible entity; uses;
investments; notice to authority

Indiana Statutes

§ 5-20-5-15.5 — Affordable housing fund; establishment by eligible entity; uses; investments; notice to authority

Indiana § 5-20-5-15.5

Title 5STATE AND LOCAL ADMINISTRATION

Art. 20HOUSING

Ch. 5Indiana Affordable Housing Fund

This text of Indiana § 5-20-5-15.5 (Affordable housing fund; establishment by eligible entity; uses; investments; notice to authority) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-20-5-15.5 (2026).

Text

5.

(a)The governing body of an eligible entity that receives a grant under this chapter shall, by resolution, establish an affordable housing fund to be administered, subject to the terms of the resolution, by a department, a division, or an agency designated by the governing body.

(b)The affordable housing fund consists of:

(1)payments in lieu of taxes deposited in the fund under IC 36-1-8-14.3;

(2)gifts and grants to the fund;

(3)investment income earned on the fund's assets;

(4)money deposited in the fund under IC 36-2-7-10; and

(5)other funds from sources approved by the commission.

(c)The governing body shall, by resolution, establish uses for the affordable housing fund. However, the uses must be limited to:

(1)providing financial assistance to those individuals and families

Free access — add to your briefcase to read the full text and ask questions with AI

5. (a) The governing body of an eligible
entity that receives a grant under this chapter shall, by resolution,
establish an affordable housing fund to be administered, subject to the
terms of the resolution, by a department, a division, or an agency
designated by the governing body.
(b) The affordable housing fund consists of:
(1) payments in lieu of taxes deposited in the fund under IC 36-1-8-14.3;
(2) gifts and grants to the fund;
(3) investment income earned on the fund's assets;
(4) money deposited in the fund under IC 36-2-7-10; and
(5) other funds from sources approved by the commission.
(c) The governing body shall, by resolution, establish uses for the
affordable housing fund. However, the uses must be limited to:
(1) providing financial assistance to those individuals and
families whose income is at or below eighty percent (80%) of the
county's median income for individuals and families, respectively,
to enable those individuals and families to purchase or lease
residential units within the county;
(2) paying expenses of administering the fund;
(3) making grants, loans, and loan guarantees for the
development, rehabilitation, or financing of affordable housing
for individuals and families whose income is at or below eighty
percent (80%) of the county's median income for individuals and
families, respectively, including the elderly, persons with
disabilities, and homeless individuals and families; and
(4) providing technical assistance to nonprofit developers of
affordable housing.
(d) The county treasurer shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested.
(e) The governing body of an eligible entity shall notify the
authority of the creation of an affordable housing fund.