Sec. 3. (a) The fiscal body of a unit may by ordinance designate an agency or quasi-public corporation, or establish a new agency, to administer an urban homesteading program under which a dwelling for one (1) to four (4) families may be conveyed to individuals who must:

(1) occupy and rehabilitate the dwelling;

Terms Used In Indiana Code 36-7-17.1-3

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • rehabilitation loan: refers to a rehabilitation loan (as defined in 24 C. See Indiana Code 36-7-17.1-2
(2) use a rehabilitation loan to finance both:

(A) the purchase of the dwelling and the real property on which it is located in a sale under this chapter; and

(B) the rehabilitation of the dwelling; and

(3) comply with the program regulations set forth in 24 C.F.R. § 203.50 and 24 C.F.R. § 203.440 et seq., with respect to the rehabilitation loan described in subdivision (2).

     (b) If the fiscal body of a unit has adopted an ordinance under IC 36-7-17-2 to:

(1) designate an agency or quasi-public corporation; or

(2) establish an agency;

to administer an urban homesteading program under IC 36-7-17, the fiscal body of the unit may designate the same agency or quasi-public corporation designated or established under the ordinance adopted under IC 36-7-17-2 to administer an urban homesteading program under this chapter.

As added by P.L.118-2013, SEC.16.

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