Sec. 14. (a) The authority shall develop and use a priority ranking system in making loans from the fund. (b) The ranking system must prioritize making loans for eligible projects to participants that have adopted and implemented a majority of the following policies for residential housing: (1) Have: (A) invested in a housing study within the last five (5) years; (B) had a housing study performed by a region's local economic development organization; or (C) demonstrated the need for housing inventory as indicated by the Indiana state housing dashboard. (2) Have voluntarily revised unified development ordinances, zoning regulations, or other land development rules to allow for: (A) higher density development of duplexes, triplexes, and fourplexes in areas designated for single family homes; (B) construction of other housing types including accessory dwelling units and manufactured and modular housing; (C) adaptive reuse of commercial buildings for residential use such as allowing multifamily development in retail, office, and light manufacturing zones; (D) increasing the allowable floor area ratio in multifamily housing areas; or (E) waiver or elimination of regulations such as requirements for: (i) garage size and placement; (ii) steeper roof pitch; (iii) minimum lot size and square footage; (iv) greater setbacks; (v) off-street parking; (vi) design standards that restrict or prohibit the use of code compliant products; or (vii) property height limitations. (3) Have streamlined or shortened the permitting processes and timelines, including through one stop and parallel process permitting. (4) Do not have impact fee ordinances. (5) Have secured private, local, state, or federal funds to contribute to the eligible project. (6) Have secured a letter of support from an employer stipulating that the public infrastructure will support residential housing that is in reasonable proximity to employment. (7) Assist homeowners to age in place through restoration or renovation of existing homes. (8) Have established density bonuses. (9) Use property tax abatements to enable higher density and mixed income communities. (10) Have donated vacant land for affordable housing development.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.