Indiana Code 5-20-4-12. Occupancy of housing developed with fund resources
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Terms Used In Indiana Code 5-20-4-12
- authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 5-20-4-3
- families: has the meaning set forth in 42 U. See Indiana Code 5-20-4-2
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- fund: refers to the affordable housing and community development fund established by section 7 of this chapter. See Indiana Code 5-20-4-4
- very low income families: means families whose income does not exceed fifty percent (50%) of the median for the area. See Indiana Code 5-20-4-6
Sec. 12. Rental housing that is developed with money from the fund shall be made available for occupancy to low income families or very low income families for at least fifteen (15) years. In the event of foreclosure or equivalent action, the remaining affordability period may be waived by the authority.
As added by P.L.69-1989, SEC.4. Amended by P.L.27-1993, SEC.22; P.L.1-2006, SEC.118; P.L.181-2006, SEC.36; P.L.1-2007, SEC.36.