(a) A municipality may contract with a person who agrees to participate in a targeted neighborhood enhancement plan. This contract may be for an amount not to exceed twenty percent (20%) of the cost of building or rehabilitating a residential structure within the designated area, exclusive of down payment, provided the person agrees to occupy the structure as the person's principal residence for a continuous period of five (5) years. (b) A municipality may contract with any person or entity owning and developing property for resale within a targeted neighborhood to provide an amount not to exceed twenty percent (20%) of the cost of constructing or rehabilitating a residential structure under the following conditions: (1) The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and (2) Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until: (A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and (B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and (3) None of the amount provided by the municipality shall be used for down payment. Acts 1997, No. 320, § 6. (a) A municipality may contract with a person who agrees to participate in a targeted neighborhood enhancement plan. This contract may be for an amount not to exceed twenty percent (20%) of the cost of building or rehabilitating a residential structure within the designated area, exclusive of down payment, provided the person agrees to occupy the structure as the person's principal residence for a continuous period of five (5) years. (b) A municipality may contract with any person or entity owning and developing property for resale within a targeted neighborhood to provide an amount not to exceed twenty percent (20%) of the cost of constructing or rehabilitating a residential structure under the following conditions: (1) The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and (2) Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until: (A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and (B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and (3) None of the amount provided by the municipality shall be used for down payment. Acts 1997, No. 320, § 6. (a) A municipality may contract with a person who agrees to participate in a targeted neighborhood enhancement plan. This contract may be for an amount not to exceed twenty percent (20%) of the cost of building or rehabilitating a residential structure within the designated area, exclusive of down payment, provided the person agrees to occupy the structure as the person's principal residence for a continuous period of five (5) years. (b) A municipality may contract with any person or entity owning and developing property for resale within a targeted neighborhood to provide an amount not to exceed twenty percent (20%) of the cost of constructing or rehabilitating a residential structure under the following conditions: (1) The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and (2) Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until: (A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and (B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and (3) None of the amount provided by the municipality shall be used for down payment. Acts 1997, No. 320, § 6. (a) A municipality may contract with a person who agrees to participate in a targeted neighborhood enhancement plan. This contract may be for an amount not to exceed twenty percent (20%) of the cost of building or rehabilitating a residential structure within the designated area, exclusive of down payment, provided the person agrees to occupy the structure as the person's principal residence for a continuous period of five (5) years. (b) A municipality may contract with any person or entity owning and developing property for resale within a targeted neighborhood to provide an amount not to exceed twenty percent (20%) of the cost of constructing or rehabilitating a residential structure under the following conditions: (1) The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and (2) Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until: (A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and (B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and (3) None of the amount provided by the municipality shall be used for down payment. (1) The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and (2) Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until: (A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and (B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and (A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and (B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and (3) None of the amount provided by the municipality shall be used for down payment. Acts 1997, No. 320, § 6.
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