reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-3.5. Surety Bonds

Sec. 3.5. Before the issuance of any bonds under this chapter:
(1) the executive director of the authority;
(2) each member of the authority; and
(3) any other employee or agent of the authority authorized by resolution of the authority to handle funds or sign checks;
shall execute a surety bond in the penal sum of fifty thousand dollars ($50,000). If an individual described in subdivisions (1) through (3) is already covered by a bond required by state law, the individual need not obtain another bond if the bond required by state law is in at least the penal sum specified in this section and covers the individual's activities for the authority. In lieu of this bond, the chairman of the authority may execute a blanket surety bond covering each member, the executive director, and the employees or other officers of the authority. Each surety bond must be conditioned upon the faithful performance of the individual's duties, and shall be issued by a surety company authorized to transact business in Indiana as surety. At all times after the issuance of any surety bonds, these surety bonds shall be maintained in full force and effect. All costs of the surety bonds shall be borne by the authority.
As added by P.L.235-2005, SEC.87.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-4.5. Housing for Special Needs Populations; Allocation of Federal Low Income Housing Credits

Sec. 4.5. (a) As used in this section, "special needs populations" includes the following:
(1) Persons with physical or developmental disabilities.
(2) Persons with mental impairments.
(3) Single parent households.
(4) Victims of domestic violence.
(5) Abused children.
(6) Persons with chemical addictions.
(7) Homeless persons.
(8) The elderly.
(b) As used in this section, "qualified building" means a building:
(1) that is used or will be used to provide residential housing for special needs populations; and
(2) for which a taxpayer is eligible to claim a low income housing credit under 26 U.S.C. 42.
(c) Subject to subsection (d), the authority shall allocate to qualified buildings at least ten percent (10%) of the total dollar amount of federal low income housing credits allocated to the authority under 26 U.S.C. 42. The authority shall allocate credits under this section based on the proportionate amount of a qualified building that is used to provide residential housing for special needs populations, as determined by the authority.
(d) The authority shall hold available the allocation made under subsection (c) for qualified buildings through October 31 of each calendar year. Beginning November 1 of each calendar year, any part of the allocation that remains unassigned shall be available for any appropriate use under 26 U.S.C. 42.
As added by P.L.74-1989, SEC.1. Amended by P.L.2-1993, SEC.52; P.L.23-1993, SEC.17; P.L.272-1999, SEC.5; P.L.145-2008, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-4.7. Required Assessment and Determination by Authority; Reporting

Sec. 4.7. (a) The authority shall do the following:
(1) Assess the feasibility of the development of new assisted living communities for low income and middle income individuals.
(2) Determine possible funding mechanisms for financing new assisted living communities for low income and middle income individuals in counties with a population of less than fifty thousand (50,000).
(b) Not later than November 1, 2023, the authority shall deliver in an electronic format under IC 5-14-6 a summary of the authority's assessments and determinations under subsection (a) to the executive director of the legislative services agency for distribution to the members of the general assembly.
(c) This section expires December 31, 2023.
As added by P.L.149-2023, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-7. State Not Liable for Obligations of the Indiana Housing and Community Development Authority

Sec. 7. (a) Obligations issued under the provisions of this chapter do not constitute a debt, liability, or obligation of the state of Indiana or a pledge of the faith and credit of the state of Indiana, but shall be payable solely from the revenues or assets of the authority. Under any circumstances, general fund revenues of the state of Indiana may not be used to pay all or part of the obligations of the authority, and there is no moral obligation of the state of Indiana to pay all or part of the obligations of the authority. Each obligation issued under this chapter shall contain on the face thereof a statement to the effect that the authority shall not be obligated to pay the same nor the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of the state of Indiana is pledged to the payment of the principal of or the interest on such obligation.
(b) Expenses incurred by the authority in carrying out the provisions of this chapter may be made payable from funds provided pursuant to this chapter, and no liability shall be incurred by the authority under this chapter beyond the extent to which moneys shall have been so provided.
As added by Acts 1978, P.L.28, SEC.1. Amended by P.L.1-2006, SEC.106 and P.L.181-2006, SEC.19.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-9. Trust Agreements to Secure Authority Obligations

Sec. 9. Trust Agreement to Secure Authority Obligations. In the discretion of the authority, any obligations issued under the provisions of this chapter may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the state of Indiana. Such trust agreement or the resolution providing for the issuance of such obligations, whether or not secured, may pledge or assign all or any part of the revenues or assets of the authority, including, without limitation, mortgage loans, mortgage loan commitments, construction loans, loans to lenders, contracts, agreements and other security or investment obligations, the fees or charges made or received by the authority, the moneys received in payment of loans and interest thereon, and any other moneys received or to be received by the authority. Such trust agreement or resolution may contain such provisions for protecting and enforcing the rights and remedies of the holders of any such obligations as may be reasonable and proper and not in violation of law, including convenants setting forth the duties of the authority in relation to the purposes to which obligation proceeds may be applied, the disposition or pledging of the revenues or assets of the authority, the terms and conditions for the issuance of additional obligations, and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of obligations, revenues, or other money to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. Any such trust agreement or resolution may set forth the rights and remedies of the holders of any obligations and of the trustee, and may restrict the individual right of action by any such holders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the authority may deem reasonable and proper for the security of the holders of any obligations. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be paid from the revenues or assets pledged or assigned to the payment of the principal of and the interest on obligations, or from any other funds available to the authority.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-10. Pledge of Authority Assets to Obligations of the Authority

Sec. 10. Pledge of Authority Assets to Obligations of the Authority. The pledge of any assets or revenues of the authority to the payment of the principal of, premium, if any, and interest on any obligations of the authority shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-11. Receipts as Trust Funds; Investment

Sec. 11. All Moneys Received Are Trust Funds and May Be Temporarily Invested. Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter are trust funds to be held and applied solely as provided in this chapter. The resolution authorizing any obligations, or the trust agreement securing the same, may provide that any of such moneys may be temporarily invested pending the disbursement thereof, and shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-12. Enforcement of Authority Duties; Rights of Holders of Authority Obligations

Sec. 12. Holders of Authority Obligations Granted Legal Rights to Enforce Duties of the Authority. Any holder of obligations issued under the provisions of this chapter or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such obligations, except to the extent the rights given in this chapter may be restricted by such trust agreement or resolution, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights under the laws of the state, or granted in this chapter, or under such trust agreement or resolution, or under any other contract executed by the authority pursuant to this chapter, and may enforce and compel the performance of all duties required by this chapter or by such trust agreement or resolution to be performed by the authority or by any officer thereof.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-13. Declaration of Negotiability of Authority Obligations

Sec. 13. Declaration of Negotiability of Obligations of the Authority. Notwithstanding any of the provisions of this chapter or any recitals in any obligations issued by the authority under the provisions of this chapter, all such obligations and interest coupons appertaining thereto are negotiable instruments under the laws of this state, subject only to any applicable provisions for registration.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-14. Authority Obligations as Authorized Investments

Sec. 14. Obligations of Authority Are Authorized Investments. Obligations issued under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the state of Indiana and its political subdivisions, all insurance companies, trust companies, banking associations, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such obligations are securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds, notes or obligations of the state is authorized by law.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-15. Authorization for Issuance of Refunding Obligations

Sec. 15. Authorization for Issuance of Refunding Obligations. (a) The authority is authorized to provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which shall have been issued under the provisions of this chapter, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such obligations, and for any corporate purpose of the authority. The issuance of such obligations, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the authority in respect of the same shall be governed by the provisions of this chapter which relate to the issuance of obligations, insofar as such provisions may be appropriate therefor.
(b) Refunding obligations may be sold or exchanged for outstanding obligations issued under this chapter and, if sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption or payment of such outstanding obligations. Pending the application of the proceeds of any such refunding obligations (together with any other available funds) to the payment of the principal, accrued interest and any redemption premium on the obligations being refunded, or if so provided or permitted in the resolution authorizing the issuance of such refunding obligations or in the trust agreement securing the same to the payment of any interest on such refunding obligations and any expenses in connection with such refunding, such proceeds shall be invested in: (1) direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America and agencies of the United States of America; or (2) general obligations of the state, which shall mature or which shall be subject to redemption by the holders thereof, at the option of such holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-17. State Power to Alter Authority; Pledge Against Impairment of Authority Contracts

Sec. 17. State Power to Alter Authority; Pledge Against Impairment of Authority Contracts. The state may at any time, or from time to time, alter or change the structure, organization programs, activities or powers of the authority and may, at its sole discretion, terminate the existence of the authority. However, the state pledges and agrees with the holders of any obligations issued pursuant to this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof, or in any way impair the right and remedy of the holders until the notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-18. Annual Report; Annual Audit

Sec. 18. The authority shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the public finance director appointed under IC 5-1.2-3-6, the budget committee, and the general assembly. An annual report submitted under this section to the general assembly must be in an electronic format under IC 5-14-6. The report shall set forth a complete operating and financial statement of the authority during such year, and a copy of such report shall be available to inspection by the public at the Indianapolis office of the authority. The authority shall cause an audit of its books and accounts to be made at least once in each year by an independent certified public accountant and the cost thereof may be paid from any available money of the authority.
As added by Acts 1978, P.L.28, SEC.1. Amended by P.L.28-2004, SEC.60; P.L.235-2005, SEC.90; P.L.145-2008, SEC.6; P.L.189-2018, SEC.41.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-19. Limitation of Liability; Authority Members or Officers

Sec. 19. Limitation of Liability for Authority Members or Officers. No member or other officer of the authority shall be subject to any personal liability or accountability by reason of his execution of any obligations or the issuance thereof.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-20. Authority to Accept and Expend Funds

Sec. 20. Authority to Accept and Expend Funds. The authority is authorized to accept and expend such moneys as may be received from any source, including income from the authority's operations, for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation, and the establishment of a reserve or contingency fund to be available for the payment of the principal of and the interest on any bonds or notes of the authority.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-21. Tax Exempt Status

Sec. 21. Tax Exempt Status. The authority shall not be required to pay any taxes and assessments to the state, or any county, municipality or other governmental subdivision of the state, upon any of its property or upon its obligations or other evidences of indebtedness pursuant to the provisions of this chapter, or upon any moneys, funds, revenues or other income held or received by the authority, and the notes and bonds of the authority and the income therefrom shall at all times be exempt from taxation imposed by the state, except for death and gift taxes and taxes on transfers. Real property owned by the authority shall be exempt from all property taxation and special assessments of the state or political subdivisions thereof, but the authority may agree to pay, in lieu of such taxes, such amounts as the authority finds consistent with the cost to the state or political subdivision of supplying municipal services for such real property and any housing development constructed thereon, which payments such bodies are authorized to accept.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-22. Disclosure of Conflicts of Interest

Sec. 22. Disclosure of Conflicts of Interest. If any member, officer or employee of the authority shall be interested either directly or indirectly, or shall be an officer or employee of or have an ownership interest in any firm or corporation interested directly or indirectly in any contract with the authority, including the making of any loan to any sponsor, builder or developer, such interest shall be disclosed to the authority and it shall be set forth in the minutes of the authority. The member, officer or employee having such interest shall not participate on behalf of the authority in the authorization of any such contract with the authority.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-23. Authority Assets; Disposition Upon Termination or Dissolution

Sec. 23. Authority Assets; Disposition upon Termination or Dissolution. The authority shall fund its operating costs from the net revenues derived from the operation of the programs under section 4 of this chapter. No part of the revenues or assets of the authority shall inure to the benefit of or be distributable to its members or officers or other private persons. Any net earnings of the authority beyond that necessary for retirement of authority indebtedness or to implement the public purposes of this chapter shall inure to the benefit of the state. Upon termination or dissolution, all rights and properties of the authority shall pass to and be vested in the state, subject to the rights of lienholders and other creditors.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-24. Chapter as Supplemental to Other Laws

Sec. 24. Provisions of this Chapter Deemed to Be Supplemental Powers to Other Laws. This chapter shall be deemed to provide an additional and alternative method for the performance of the activities authorized by this chapter, and shall be regarded as supplemental and additional to powers conferred by other laws, and shall not be regarded as in derogation of any powers now existing. However, the issuance of bonds or notes under this chapter need not comply with the requirements of any other law applicable to the issuance of bonds or notes.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-26. Chapter Controlling

Sec. 26. Chapter Controlling. Insofar as the provisions of this chapter are inconsistent with the provisions of any general or special laws, or parts thereof, the provisions of this chapter shall be controlling.
As added by Acts 1978, P.L.28, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 1. Indiana Housing and Community Development Authority › 5-20-1-27. Home Ownership Education Account Established

Sec. 27. (a) The home ownership education account within the state general fund is established to support:
(1) home ownership education programs established under section 4(d) of this chapter;
(2) mortgage foreclosure counseling and education programs established under IC 5-20-6-2; and
(3) programs conducted by one (1) or a combination of the following to facilitate settlement conferences in residential foreclosure actions under IC 32-30-10.5:
(A) The judiciary.
(B) Pro bono legal services agencies.
(C) Mortgage foreclosure counselors (as defined in IC 32-30-10.5-6).
(D) Other nonprofit entities certified by the authority under section 4(d) of this chapter.
The account is administered by the authority.
(b) The home ownership education account consists of:
(1) court fees collected under IC 33-37-5-33 (before its expiration on July 1, 2017);
(2) civil penalties imposed and collected under:
(A) IC 6-1.1-12-43(g)(2)(B); or
(B) IC 27-7-3-15.5(f); and
(3) any civil penalties imposed and collected by a court for a violation of a court order in a foreclosure action under IC 32-30-10.5.
(c) The expenses of administering the home ownership education account shall be paid from money in the account.
(d) The treasurer of state shall invest the money in the home ownership education account not currently needed to meet the obligations of the account in the same manner as other public money may be invested.
As added by P.L.235-2005, SEC.91. Amended by P.L.181-2006, SEC.20; P.L.145-2008, SEC.7; P.L.105-2009, SEC.2; P.L.170-2011, SEC.3; P.L.231-2013, SEC.2; P.L.247-2015, SEC.1; P.L.72-2016, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-1. Legislative Findings; Declaration of Purpose

Sec. 1. Legislative Findings and Declaration of Purpose. It is hereby found and declared that in this state there is a shortage of decent, safe and sanitary housing that most people can afford; that the shortage of such housing is a threat to the health, safety, morals and welfare of Indiana residents and is not transitory and self-curing; that the cost of financing such housing is a major and substantial factor affecting the supply and cost of decent, safe and sanitary housing built by private enterprise; that the purpose of this chapter is to provide a means of lowering the cost of financing ownership by Indiana residents of decent, safe and sanitary housing; that such financing of residential ownership will (a) provide for and promote the public health, safety, morals, and welfare, (b) stimulate construction of new housing and remodeling and improvement of existing housing, thereby relieving conditions of unemployment and encouraging the increase of industry and commercial activity and economic development so as to reduce the evils attendant upon unemployment, (c) assist low and moderate income people in acquiring and owning decent, safe and sanitary housing which they can afford, (d) promote the integration of families of varying economic means, and (e) preserve and increase the ad valorem property tax base in this state; that the foregoing are public purposes; and that the necessity for the provisions of this chapter is a matter of legislative determination.
As added by Acts 1979, P.L.47, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-2. Definitions

Sec. 2. As used in this chapter, each of the following shall have the meaning indicated unless a different meaning clearly appears from the context:
(1) "Bonds" means the revenue bonds authorized to be issued under this chapter and includes notes and any and all other limited obligations of a county or municipality payable as provided in this chapter.
(2) "Executive officer" of a county, city, or town has the meaning set forth in IC 36-1-2-5.
(3) "Governing body" of a county, city, or town has the meaning set forth in IC 36-1-2-9.
(4) "Home" means real property and improvements thereon constructed for human habitation, located within the county or municipality, consisting of not more than four (4) units, and owned by one (1) mortgagor who occupies or intends to occupy one (1) of such units.
(5) "Home mortgage" means an interest bearing loan for not to exceed thirty (30) years to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on this home, but shall not include a loan primarily for the purpose of refinancing an existing loan.
(6) "Lending institution" means any bank, trust company, savings bank, national banking association, savings association, mortgage banker, or other financing institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single family residential housing or multifamily residential housing, which institution, for a county, is located in that county, and for a municipality is located in the county in which the municipality is located, or any holding company for any of the foregoing.
(7) "Mortgagor" means an individual, or two (2) or more individuals acting together, who have received a home mortgage under this chapter.
(8) "Recording officer" means the clerk or clerk-treasurer of a county or municipality.
(9) "Municipality" means a city or town.
(10) "Authority" refers to the Indiana housing and community development authority created by IC 5-20-1-3.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.1; P.L.8-1989, SEC.23; P.L.79-1998, SEC.11; P.L.181-2006, SEC.21.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-4. Income Limits

Sec. 4. Income Limits. (a) The governing body shall establish by ordinance an aggregate acceptable income amount for the year immediately preceding the calendar year in which a mortgage is requested, for the mortgagor and all individuals, except minor children of the mortgagor, who intend to reside with the mortgagor in one (1) dwelling unit. The purpose of this aggregate acceptable income amount is to limit the assistance provided by this chapter to individuals of low and moderate income.
(b) The governing body may consider the following factors before it adopts the ordinance provided in subsection (a) of this section:
(1) the portion of total income of a person that is available to meet housing needs;
(2) the number of persons that may share a residential dwelling unit;
(3) the cost and condition of available housing; and
(4) the amount of income required to obtain and pay for decent, safe, and sanitary housing in the regular private housing market.
(c) Mortgage loans under this chapter are limited to persons having adjusted gross income for Indiana individual income tax purposes of law and moderate income. However, at least ninety percent (90%) of the value of home mortgages made from any issue of bonds will be made with respect to mortgagors whose adjusted family income does not exceed one hundred percent (100%) of the median income of all families residing within the metropolitan area of the county or municipality as determined by the governing body. For the purpose of determining the income of a person who was not a resident of the state of Indiana for the prior taxable year, the person's adjusted gross income shall be computed as if he were a resident of the state of Indiana for the prior taxable year.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-6. Administration

Sec. 6. Administration. In cities, the mayor shall designate a trustee institution to administer the proceeds of bond issues under this chapter; in counties and towns, the designation shall be made by the governing body. All lending institutions may participate under this chapter. The proceeds of each bond issue shall be apportioned as provided in this section by the trustee institution among all lending institutions that choose to participate. Those institutions that choose to participate shall furnish the trustee with copies of their submission under the Home Mortgage Disclosure Act during the preceding three (3) years.
(1) For the most recent calendar year for which this information is available, the trustee institution shall compute the percentage that each participating lending institution's total amount of mortgages for homes located in the county bears to that same total amount for all participating lending institutions; this percentage figure is the participating lending institution's percentage share of the proceeds of bonds to be apportioned to it by the trustees institution.
(2) The participating institutions must certify to the trustee that the proceeds will be used as required by the chapter, and that the institution will attempt to maintain the same proportion of dollar volume of all mortgage loans within the county or municipality during the calendar year in which the proceeds are distributed as in the preceding year. The trustee institution may, in its discretion, reapportion any unused bond proceeds among the participating lending institutions either:
(A) six (6) months after funds are first apportioned to participating lending institutions for mortgage lending purposes; or
(B) after seventy-five percent (75%) of the bond proceeds designated for mortgage acquisition have been used.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-10. Signatures of Officers on Bonds; Validity of Bonds

Sec. 10. Signatures of Officers on Bonds─Validity of Bonds. The bonds and any coupons shall bear the manual or facsimile signatures of the executive officer and the recording officer of the county or municipality and any coupons shall bear the facsimile signature of one (1) or more of these officers. These signatures shall be the valid and binding signatures of these officers, notwithstanding that before delivery and payment, any or all of the individuals whose signatures appear have ceased to be officers of the county or municipality issuing the bonds. The validity of the bonds is not dependent on nor affected by the validity or regularity of any proceedings relating to the home mortgages for which the bonds are issued. The ordinance authorizing the bonds may provide that the bonds shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.9.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-11. Lien of Bonds

Sec. 11. Lien of Bonds. Bonds issued under this chapter and the interest on them may be secured by a pledge of or lien upon the revenues and receipts derived from or in connection with the home mortgages or from any notes or other obligations of lending institutions with respect to which the bonds have been issued. The governing body may provide in the ordinance authorizing the bonds for the issuance of additional bonds to be equally and ratably secured by a lien upon these revenues and receipts.
As added by Acts 1979, P.L.47, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-12. Liability for Bonds

Sec. 12. Liability for Bonds. All bonds issued under this chapter and the interest on them are limited obligations of the county or municipality payable solely from the revenues and receipts derived from or in connection with the home mortgages, from any notes or other obligations of lending institutions with respect to which these bonds are issued, or from the proceeds of these bonds or refunding bonds and the investment income from them. No holder of any bonds issued under this chapter has the right to compel any exercise of the taxing power of the county or municipality to pay the bonds or the interest or redemption premium, if any, thereon. The bonds are not an indebtedness of the county or municipality or a loan of its credit within the meaning of any constitutional or statutory limitation. Nor shall the bonds be construed to create any moral obligation on the part of the county or municipality with respect to their payment. It shall be plainly stated on the face of each bond that it has been issued under the provisions of this chapter and that it does not constitute an indebtedness of the county or municipality or a loan of its credit within the meaning of any constitutional or statutory limitation.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-13. Exemption From Contract and Bidding Requirements; Real Property Bid Submitted by Trust

Sec. 13. (a) A requirement of competitive bidding or restriction imposed on the procedure for award of contracts for the sale or other disposition of property of the county or municipality is not applicable to any action taken under this chapter.
(b) This subsection applies if a county or municipality sells or disposes of real property under this chapter by acceptance of bids. A bid submitted by a trust (as defined in IC 30-4-1-1(a)) must identify each:
(1) beneficiary of the trust; and
(2) settlor empowered to revoke or modify the trust.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.11; P.L.336-1989(ss), SEC.17.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-14. Tax Exemption for Bonds

Sec. 14. All bonds and interim receipts or certificates, proceeds received by a holder from the sale of them to the extent of the holder's cost of acquisition, proceeds received upon redemption prior to maturity, proceeds received at maturity, and interest thereon, are exempt from taxation in the state of Indiana for all purposes except the financial institutions tax imposed under IC 6-5.5.
As added by Acts 1979, P.L.47, SEC.1. Amended by P.L.21-1990, SEC.8; P.L.254-1997(ss), SEC.7; P.L.79-2017, SEC.10.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-15. Tax Exemption

Sec. 15. Tax Exemption. All home mortgages and notes or other obligations of lending institutions executed pursuant to this chapter and the revenues and receipts derived by a county or municipality therefrom are exempt from all taxation in the state of Indiana.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.12.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-16. Securities Exemption

Sec. 16. All bonds and interim receipts or certificates authorized pursuant to this chapter are exempt from the provisions of IC 23-19 or other securities registration laws.
As added by Acts 1979, P.L.47, SEC.1. Amended by P.L.27-2007, SEC.5.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-17. Antitrust Exemption

Sec. 17. Antitrust Exemption. Transactions under this chapter are exempt from the provisions of IC 24-1 or any other antitrust law, present or future, of the state.
As added by Acts 1979, P.L.47, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 2. Financing of Housing › 5-20-2-18. Powers Conferred as Additional and Supplemental; Limitations Imposed; Effect

Sec. 18. Powers Conferred as Additional and Supplemental; Limitations Imposed-Effect. The powers conferred by this chapter are in addition and supplemental to, and the limitations imposed by this chapter shall not affect, the powers conferred by any other law of this state. Mortgages may be acquired, purchased and financed, and bonds may be issued under this chapter, notwithstanding that any other law may provide for the acquisition, purchase and financing of like home mortgages, or the issuance of bonds for like purposes, and without regard to the requirements, restrictions, limitations or other provisions contained in any other law.
As added by Acts 1979, P.L.47, SEC.1.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-1. "Families of Low and Moderate Income" Defined

Sec. 1. As used in this chapter, "families of low and moderate income" has the meaning set forth in IC 5-20-1-2.
As added by P.L.69-1989, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-2. "Housing Project" Defined

Sec. 2. (a) As used in this chapter, "housing project" means any work or undertaking to provide decent, safe, and sanitary urban or rural dwellings, apartments, or other living accommodations for families of low and moderate income, including:
(1) buildings, land, equipment, facilities, and other real or personal property for necessary, convenient, or desirable appurtenances, streets, sewers, water service, parks, site preparation, gardening, administrative, community, recreational, commercial, or welfare purposes; and
(2) the acquisition and rehabilitation of existing dwelling units or structures to be used for moderate or low rental units.
(b) The term includes the planning of the buildings and improvements, the acquisition of property, the demolition of existing structures, the construction, reconstruction, alteration, and repair of the improvements, and all other connected work. The term includes the reconstruction, rehabilitation, alteration, or major repair of existing buildings or improvements.
As added by P.L.69-1989, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-4. Establishment of Mutual Housing Association; Articles of Incorporation

Sec. 4. (a) A mutual housing association may be established as a nonprofit corporation incorporated under IC 23-7-1.1 (before its repeal on August 1, 1991) or IC 23-17 to prevent and eliminate neighborhood deterioration and to preserve neighborhood stability by:
(1) providing high quality, long term housing for families of low and moderate income; and
(2) affording community and residential involvement in the provision of that housing.
(b) The articles of incorporation of a mutual housing association must be approved by the authority.
(c) The articles of incorporation of a mutual housing association must include a provision that provides that if the mutual housing association dissolves, is involved in a bankruptcy proceeding, or otherwise disposes of its physical properties, the association may only transfer the assets to another entity that provides high quality long term housing for families of low and moderate income.
As added by P.L.69-1989, SEC.3. Amended by P.L.179-1991, SEC.8; P.L.1-1992, SEC.12; P.L.1-2006, SEC.108 and P.L.181-2006, SEC.23; P.L.145-2008, SEC.8.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-5. Articles of Incorporation of Mutual Housing Association; Purposes

Sec. 5. A mutual housing association must have as one (1) of its purposes in its articles of incorporation the construction, rehabilitation, development, ownership, or operation (including the management and maintenance of housing) of high quality long term housing for families of low and moderate income.
As added by P.L.69-1989, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-6. Contracts for State Financial Assistance; Mutual Housing Associations; Grants and Loans

Sec. 6. The Indiana housing and community development authority may enter into a contract with a mutual housing association to provide financial assistance for the construction, rehabilitation, ownership, or operation of housing for families of low and moderate income. State financial assistance may be in the form of grants, loans, or a combination of grants and loans and may be used for the acquisition or development of housing sites and for the costs incurred in the development of the housing. Grants may not exceed the development cost of the housing project.
As added by P.L.69-1989, SEC.3. Amended by P.L.1-2006, SEC.109 and P.L.181-2006, SEC.24.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-8. Service Charges; Mutual Housing Associations; Loans and Grants

Sec. 8. The Indiana housing and community development authority may assess a mutual housing association a service charge for each loan or grant provided to the association.
As added by P.L.69-1989, SEC.3. Amended by P.L.1-2006, SEC.111 and P.L.181-2006, SEC.26.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-9. Mutual Housing Association; Resident Requirements

Sec. 9. A resident of a mutual housing association:
(1) must participate in the ongoing operation and management of the housing;
(2) must have a right to continue residing in the housing as long as the resident complies with the terms of the occupancy agreement; and
(3) may not possess an equity or ownership interest in the housing.
As added by P.L.69-1989, SEC.3.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 3. Mutual Housing Associations › 5-20-3-10. Rules

Sec. 10. The Indiana housing and community development authority shall adopt rules under IC 4-22-2 to carry out this chapter.
As added by P.L.69-1989, SEC.3. Amended by P.L.1-2006, SEC.112 and P.L.181-2006, SEC.27.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 4. Affordable Housing and Community Development Fund › 5-20-4-2. "Families"

Sec. 2. As used in this chapter, "families" has the meaning set forth in 42 U.S.C. 1437a(b)(3).
As added by P.L.69-1989, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 4. Affordable Housing and Community Development Fund › 5-20-4-3. "Housing and Community Development Authority"

Sec. 3. As used in this chapter, "authority" refers to the Indiana housing and community development authority established under IC 5-20-1.
As added by P.L.69-1989, SEC.4. Amended by P.L.1-2006, SEC.113; P.L.181-2006, SEC.29; P.L.1-2007, SEC.31.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 4. Affordable Housing and Community Development Fund › 5-20-4-4. "Fund"

Sec. 4. As used in this chapter, unless the context requires otherwise, "fund" refers to the affordable housing and community development fund established by section 7 of this chapter.
As added by P.L.69-1989, SEC.4. Amended by P.L.181-2006, SEC.30.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 4. Affordable Housing and Community Development Fund › 5-20-4-5. "Lower Income Families"

Sec. 5. As used in this chapter, "lower income families" means families whose income does not exceed eighty percent (80%) of the median income for the area.
As added by P.L.69-1989, SEC.4.
2023 Indiana Code › Title 5. State and Local Administration › Article 20. Housing › Chapter 4. Affordable Housing and Community Development Fund › 5-20-4-6. "Very Low Income Families"

Sec. 6. As used in this chapter, "very low income families" means families whose income does not exceed fifty percent (50%) of the median for the area.
As added by P.L.69-1989, SEC.4.