HB 1444 Summary

• Requires the Indiana housing and community development authority to establish a lending program for purchasing and renovating vacant and abandoned residential housing throughout Indiana.

• Authorizes two types of loans: purchase money loans and renovation loans, with applicants able to apply for one or both types.

• Limits renovation loans to a maximum principal amount of $20,000 and restricts eligibility to within two years of acquiring the vacant and abandoned property.

• Allows the authority to facilitate the program through direct lending, funding loans from mortgage brokers/lenders, providing loan guarantees, or other methods to reduce vacant and abandoned housing stock.

• Requires the authority to adopt rules defining "vacant and abandoned residential housing" and to promote the program via its website and direct communication with mortgage professionals.