Indiana Code 5-20-4-14. Policies and procedures for implementation of chapter
(1) The development of an application process for requesting financial assistance under this chapter.
Terms Used In Indiana Code 5-20-4-14
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 5-20-4-3
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- fund: refers to the affordable housing and community development fund established by section 7 of this chapter. See Indiana Code 5-20-4-4
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) The establishment of a rate of interest for a loan under this chapter.
(4) The establishment of loan underwriting criteria to protect the assets of the fund. The authority shall require a lien or other security when appropriate and in the amounts the authority determines appropriate.
(5) A requirement that a financial institution holding an obligation that is guaranteed under this chapter must adequately secure the obligation.
(6) Standards requiring a local match for any assistance under this chapter and establishing the level of local match required.
(7) The establishment of a cap on the amount of financial assistance that any recipient may receive.
(8) The establishment of procedures to do the following:
(A) Ensure that an equitable part of all funds are distributed to rural areas of Indiana.
(B) Enable the authority to use the fund to provide matching funds to local housing trust funds in Indiana.
(C) Promote community economic development.
As added by P.L.69-1989, SEC.4. Amended by P.L.27-1993, SEC.23; P.L.1-2006, SEC.120; P.L.181-2006, SEC.38; P.L.1-2007, SEC.38.