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IN HB1257
Bill
Status
1/13/2015
Primary Sponsor
Robin Shackleford
Click for details
AI Summary
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Establishes a loan program under the Indiana housing and community development authority to provide financial assistance for qualified investments in high crime districts, effective July 1, 2015.
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Allows the authority to designate areas as high crime districts if crime rates (overall, violent, and property crime) exceed median rates for both Indiana and United States neighborhoods in the previous calendar year.
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Limits individual loans to a maximum of $250,000 and requires applicants to secure matching funds from other sources equal to at least 300% of the loan amount requested.
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Appropriates $250,000 from the state general fund for the fiscal year beginning July 1, 2015, to be deposited into the high crime district loan fund for program administration and loan disbursement.
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Requires the authority to submit a joint report to the governor and legislative council by August 1, 2017, describing total loans made, geographic areas served, types of investments financed, and the program's impact on communities.
Legislative Description
High crime district loan fund. Requires the Indiana housing and community development authority to establish a loan program to encourage investment in high crime districts. Provides that the authority may designate an area as a high crime district if the authority makes certain findings. Appropriates $250,000 to the authority for the purposes of the loan program. Requires a report on the loan program before August 1, 2017.
Last Action
Representative Pryor added as coauthor
1/29/2015