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IN HB1567
Bill
Status
1/20/2015
Primary Sponsor
Justin Moed
Click for details
AI Summary
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Creates the abandoned or foreclosed property rehabilitation financing program to provide zero or low-interest first lien mortgage loans for purchasing and rehabilitating abandoned or foreclosed residential properties in Indiana
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Indiana Housing and Community Development Authority must establish program policies and procedures by January 1, 2016, including eligibility standards for borrowers and lenders, underwriting criteria, and loan terms
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Eligible borrowers include individuals, nonprofit corporations, local governments, and private developers; loans may be repaid in installments or deferred until the property is sold or transferred
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Establishes the abandoned or foreclosed property rehabilitation financing account within the state general fund to guarantee loans and cover administrative expenses, with no more than 10% of funds used for administration
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Account funds do not revert to the general fund at fiscal year end and may come from appropriations, investment earnings, gifts, grants, and other public or private sources
Legislative Description
Loans for abandoned or foreclosed homes. Establishes the abandoned or foreclosed property rehabilitation financing program (program) to provide rehabilitation loans to finance the purchase and rehabilitation of abandoned or foreclosed property. Provides that the housing and community development authority (authority) shall administer the program. Allows a lender that: (1) is authorized to originate, service, or otherwise aid in the financing of residential mortgage loans in Indiana; and (2) meets the standards for program participation established by the authority; to be an approved lender under the program for the purpose of making rehabilitation loans to eligible persons. Specifies that a rehabilitation
Last Action
First Reading: referred to Committee on Ways and Means
1/20/2015