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.
Structure Indiana Code
Title 5. State and Local Administration
Chapter 4. Affordable Housing and Community Development Fund
5-20-4-3. "Housing and Community Development Authority"
5-20-4-5. "Lower Income Families"
5-20-4-6. "Very Low Income Families"
5-20-4-8. Financial Assistance; Form; Allocation
5-20-4-9. Terms of Loans From Board for Depositories Insurance Fund
5-20-4-10.1. Repayment of Loans; Procedures
5-20-4-11. Allocation of Fund Resources
5-20-4-12. Occupancy of Housing Developed With Fund Resources
5-20-4-13. Developer Certification of Compliance With Federal Requirements
5-20-4-14. Policies and Procedures for Implementation of Chapter