Sec. 8. (a) The money in the fund shall be used to provide financial assistance in the form of:
(1) grants;
(2) loans; and
(3) loan guarantees.
In addition, money from the fund may be used to provide technical assistance to nonprofit developers of low income housing.
(b) The financial assistance described in subsection (a) shall be used for:
(1) the acquisition, construction, rehabilitation, development, operation, and insurance of, and education concerning, affordable housing and community economic development; or
(2) other programs considered appropriate to meet the affordable housing and community development needs of lower income families and very low income families, including lower income elderly, persons with disabilities, and homeless individuals.
(c) At least fifty percent (50%) of the dollars allocated must be used to serve very low income households.
As added by P.L.69-1989, SEC.4. Amended by P.L.23-1993, SEC.18; P.L.27-1993, SEC.18; P.L.181-2006, SEC.32; P.L.211-2007, SEC.2.
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