Sec. 11. (a) At least fifty percent (50%) of the resources of the fund shall be allocated to recognized nonprofit corporations under Section 501(c) of the Internal Revenue Code.

     (b) The resources of the fund that are not allocated under subsection (a) may be allocated to private developers of housing and private development entities as determined by the authority.

As added by P.L.69-1989, SEC.4. Amended by P.L.179-1991, SEC.9; P.L.1-1992, SEC.13; P.L.27-1993, SEC.21; P.L.1-2006, SEC.117; P.L.181-2006, SEC.35; P.L.1-2007, SEC.35.

Terms Used In Indiana Code 5-20-4-11

  • authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 5-20-4-3
  • fund: refers to the affordable housing and community development fund established by section 7 of this chapter. See Indiana Code 5-20-4-4
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