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IN HB1263
Bill
Status
1/10/2019
Primary Sponsor
Jim Pressel
Click for details
AI Summary
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Establishes the Workforce Housing Development Revolving Loan Fund with a $1,000,000 appropriation for fiscal year 2019-2020, administered by the Indiana Housing and Community Development Authority to provide loans to counties, cities, and towns for workforce housing projects
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Defines "workforce housing" as single-family dwelling units with a sales price of $250,000 or less
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Loan funds may be used for infrastructure construction (streets, roads, sidewalks, broadband), real property acquisition and preparation, and bond payments—but explicitly excludes sewer and water infrastructure
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Projects with private sector financing or public-private partnerships receive preferential ranking in the loan priority system
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Permits redevelopment commissions outside Marion County to establish workforce housing development programs with tax increment financing (TIF) allocation areas, allowing property tax revenues from increased assessed values to fund the programs
Legislative Description
Workforce housing development. Establishes the workforce housing development revolving loan fund (fund) to provide funding for loans to counties, cities, or towns for workforce housing development projects. Appropriates $1,000,000 to the fund for the 2019-2020 state fiscal year. Provides that the Indiana housing and community development authority shall administer the fund. Specifies the purposes for which money loaned from the fund must be used. Permits redevelopment commissions in counties other than Marion County to establish a program for workforce housing development and a tax increment funding allocation area for that program. Defines "workforce housing" for purposes of both the fund and the program as housing that consists of single family dwelling units that have a sales price of not more than $250,000.
Last Action
First reading: referred to Committee on Ways and Means
1/10/2019