Sec. 64. (a) The commission may establish a residential housing development program by resolution for the construction of new residential housing or the renovation of existing residential housing if the average of new, single family residential houses constructed within the consolidated city during each of the preceding three (3) years is less than one percent (1%) of the total number of single family residential houses located within the consolidated city on January 1 of the year in which the resolution is adopted. The department of local government finance, in cooperation with the appropriate agency of the consolidated city, shall determine whether the consolidated city meets the requirements to establish a program under this subsection.

     (b) A residential housing development program, which may include any relevant elements the commission considers appropriate, may be adopted as part of a redevelopment plan or an amendment to a redevelopment plan and must establish an allocation area for purposes of sections 26 and 35 of this chapter for the accomplishment of the program.

     (c) The notice and hearing provisions of sections 10 and 10.5 of this chapter, including notice under section 10(c) of this chapter to a taxing unit that is wholly or partly located within an allocation area, apply to the resolution adopted under subsection (b). Judicial review of the resolution may be made under section 11 of this chapter.

     (d) Before formal submission of a residential housing development program to the commission, the department shall:

(1) consult with persons interested in or affected by the proposed program;

(2) provide the affected neighborhood associations, residents, and township assessors with an adequate opportunity to participate in an advisory role in planning, implementing, and evaluating the proposed program; and

(3) hold public meetings in the affected neighborhoods to obtain the views of the affected neighborhood associations and residents.

     (e) A residential housing development program established under this section must terminate not later than twenty (20) years after the date the program is established under subsection (a).

     (f) The consolidated city may request from the department of local government finance a report, if it exists, describing the effect of current assessed value allocated to the tax increment financing allocation areas on the amount of the tax levy or proceeds and the credit for excessive property taxes under IC 6-1.1-20.6 for the taxing units within the boundaries of the residential housing development program.

As added by P.L.126-2023, SEC.4.