HB 1588-1_ Filed 02/14/2003, 10:46
Text Box
Adopted Rejected
[
]
COMMITTEE REPORT
YES:
24
NO:
0
MR. SPEAKER:
Your Committee on Ways and Means , to which was referred House Bill 1588 ,
has had the same under consideration and begs leave to report the same back to the House with
the recommendation that said bill be amended as follows:
Delete everything after the enacting clause and insert the following:
SOURCE: IC 6-1.1-10-16.7; (03)CR158801.1. -->
SECTION 1.
IC 6-1.1-10-16.7
, AS AMENDED BY P.L.179-2002,
SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2003]: Sec. 16.7. (a) All or part of real property is exempt
from property taxation if:
(1) the improvements on the real property were constructed,
rehabilitated, or acquired for the purpose of providing housing to
income eligible persons under the federal low income housing tax
credit program under 26 U.S.C. 42;
(2) the real property is subject to an extended use agreement
under 26 U.S.C. 42 as administered by the Indiana housing
finance authority; and
(3) the owner of the property has entered into an agreement to
make payments in lieu of taxes under
IC 36-1-8-14.2
,
IC 36-2-6-22
, or
IC 36-3-2-11.
(b) An exemption under subsection (a) applies only to property
tax liability for property taxes imposed by a county and any city or
town on the property subject to the exemption.
SOURCE: IC 36-1-8-14.2; (03)CR158801.2. -->
SECTION 2.
IC 36-1-8-14.2
, AS ADDED BY P.L.186-2001,
SECTION 8, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2003]: Sec. 14.2. (a)
This section applies only to a
municipality other than a municipality in a county with a
consolidated city.
(b) As used in this section, the following terms have the meanings
set forth in
IC 6-1.1-1
:
(1) Assessed value.
(2) Exemption.
(3) Owner.
(4) Person.
(5) Property taxation.
(6) Real property.
(7) Township assessor.
(b) (c) As used in this section, "PILOTS" means payments in lieu of
taxes.
(c) (d) As used in this section, "property owner" means the owner
of real property described in
IC 6-1.1-10-16.7.
(d) (e) Subject to the approval of a property owner, the governing
body of a
political subdivision municipality may adopt an ordinance
to require the property owner to pay PILOTS at times set forth in the
ordinance with respect to real property that is subject to an exemption
under
IC 6-1.1-10-16.7
, if the improvements that qualify the real
property for an exemption were begun or acquired after December 31,
2001. The ordinance remains in full force and effect until repealed or
modified by the
governing fiscal body, subject to the approval of the
property owner.
(e) (f) The PILOTS must be calculated so that the PILOTS are in an
amount
equal to that is:
(1) agreed upon by the property owner and the fiscal body of
the municipality;
(2) a percentage of the property taxes that would have been
levied by the fiscal bodies for the municipality and the county
upon the real property described in subsection (e) if the
property were not subject to an exemption from property
taxation; and
(3) not more than the amount of property taxes that would have
been levied by the governing body fiscal bodies for the political
subdivision municipality and the county upon the real property
described in subsection (d) (e) if the property were not subject to
an exemption from property taxation.
(f) (g) PILOTS shall be imposed as are property taxes and shall be
based on the assessed value of the real property described in subsection
(d). (e). The township assessors shall assess the real property described
in subsection (d) (e) as though the property were not subject to an
exemption.
(g) (h) PILOTS collected under this section shall be:
(1) deposited in: the
(A) a housing trust fund established under
IC 36-7-14-50
;
or
(B) an affordable housing fund established under
IC 5-20-5-15.5
, if a housing trust fund has not been
established for the area including the property under
IC 36-7-14-50
; and
(2) used for any purpose for which the affordable housing fund
may be used.
(h) (i) PILOTS shall be due as set forth in the ordinance and bear
interest, if unpaid, as in the case of other taxes on property. PILOTS
shall be treated in the same manner as taxes for purposes of all
procedural and substantive provisions of law.
(i) This section does not apply to a county that contains a
consolidated city or to a political subdivision of the county.
SOURCE: IC 36-2-6-22; (03)CR158801.3. -->
SECTION 3.
IC 36-2-6-22
, AS AMENDED BY P.L.1-2002,
SECTION 155, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2003]: Sec. 22. (a) As used in this section, the
following terms have the meanings set forth in
IC 6-1.1-1
:
(1) Assessed value.
(2) Exemption.
(3) Owner.
(4) Person.
(5) Property taxation.
(6) Real property.
(7) Township assessor.
(b) As used in this section, "PILOTS" means payments in lieu of
taxes.
(c) As used in this section, "property owner" means the owner of
real property described in
IC 6-1.1-10-16.7
that is not located in a
county containing a consolidated city.
(d) Subject to the approval of a property owner, the fiscal body of
a county may adopt an ordinance to require the property owner to pay
PILOTS at times set forth in the ordinance with respect to real property
that is subject to an exemption under
IC 6-1.1-10-16.7.
The ordinance
remains in full force and effect until repealed or modified by the
legislative fiscal body, subject to the approval of the property owner.
(e) The PILOTS must be calculated so that the PILOTS are in an
amount
equal to that is:
(1) agreed upon by the property owner and the fiscal body of
the county;
(2) a percentage of the property taxes that would have been
levied by the fiscal bodies of the county and any municipality
upon the real property described in subsection (d) if the
property were not subject to an exemption from property
taxation; and
(3) not more than the amount of property taxes that would have
been levied upon the real property described in subsection (d) if
the property were not subject to an exemption from property
taxation.
(f) PILOTS shall be imposed in the same manner as property taxes
and shall be based on the assessed value of the real property described
in subsection (d). The township assessors shall assess the real property
described in subsection (d) as though the property were not subject to
an exemption.
(g) PILOTS collected under this section shall be:
distributed in the
same manner as if they were property taxes being distributed to taxing
units in the county.
(1) deposited in:
(A) a housing trust fund established under
IC 36-7-14-50
;
or
(B) an affordable housing fund established under
IC 5-20-5-15.5
, if a housing trust fund has not been
established for the area including the property under
IC 36-7-14-50
; and
(2) used for any purpose for which the fund may be used.
(h) PILOTS shall be due as set forth in the ordinance and bear
interest, if unpaid, as in the case of other taxes on property. PILOTS
shall be treated in the same manner as taxes for purposes of all
procedural and substantive provisions of law.
SOURCE: IC 36-3-2-11; (03)CR158801.4. -->
SECTION 4.
IC 36-3-2-11
, AS AMENDED BY P.L.170-2002,
SECTION 140, AND AS AMENDED BY P.L.179-2002, SECTION 4,
IS CORRECTED AND AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2003]: Sec. 11. (a) As used in this section, the
following terms have the meanings set forth in
IC 6-1.1-1
:
(1) Assessed value.
(2) Exemption.
(3) Owner.
(4) Person.
(5) Property taxation.
(6) Real property.
(7) Township assessor.
(b) As used in this section, "PILOTS" means payments in lieu of
taxes.
(c) As used in this section, "property owner" means the owner of
real property described in
IC 6-1.1-10-16.7
that is located in a county
(1) with a consolidated city.
or
(2) having a population of more than
(d) Subject to the approval of a property owner, the
legislative fiscal
body of the consolidated city may adopt an ordinance to require the
property owner to pay PILOTS at times set forth in the ordinance with
respect to real property that is subject to an exemption under
IC 6-1.1-10-16.7.
The ordinance remains in full force and effect until
repealed or modified by the
legislative fiscal body, subject to the
approval of the property owner.
(e) The PILOTS must be calculated so that the PILOTS are in an
amount
that is:
(1) agreed upon by the property owner and the legislative fiscal
body of the consolidated city;
(2) a percentage of the property taxes that would have been
levied by the legislative fiscal body for the consolidated city and
the county upon the real property described in subsection (d) if
the property were not subject to an exemption from property
taxation; and
(3) equal to not more than the amount of property taxes that
would have been levied by the legislative fiscal body for the
consolidated city and county upon the real property described in
subsection (d) if the property were not subject to an exemption
from property taxation.
(f) PILOTS shall be imposed as are property taxes and shall be
based on the assessed value of the real property described in subsection
(d). The township assessors shall assess the real property described in
subsection (d) as though the property were not subject to an exemption.
(g) PILOTS collected under this section shall be:
(1) deposited in: the
(A) a housing trust fund established under
IC 36-7-15.1-35.5
;
or
(B) an affordable housing fund established under
IC 5-20-5-15.5
, if a housing trust fund has not been
established under
IC 36-7-15.1-35.5
for the area including
the property; and
(2) used for any purpose for which the housing trust fund may be
used.
(h) PILOTS shall be due as set forth in the ordinance and bear
interest, if unpaid, as in the case of other taxes on property. PILOTS
shall be treated in the same manner as taxes for purposes of all
procedural and substantive provisions of law.
SOURCE: IC 36-7-14-45; (03)CR158801.5. -->
SECTION 5.
IC 36-7-14-45
IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2003]: Sec. 45. The general assembly finds the following:
(1) There exists within blighted, deteriorated, or deteriorating
areas a shortage of safe and affordable housing for persons of
low and moderate income.
(2) The planning, replanning, development, and
redevelopment of housing within blighted, deteriorated, or
deteriorating areas are public and governmental functions
that cannot be accomplished through the ordinary operations
of private enterprise because of:
(A) the necessity for the exercise of the power of eminent
domain;
(B) the necessity for requiring the proper use of the land so
as to best serve the interests of the county and its citizens;
and
(C) the costs of these projects.
(3) The provision of affordable housing for persons of low or
moderate income does not compete with the ordinary
operation of private enterprise.
(4) It is in the public interest that work on the provision of
housing be commenced as soon as possible to relieve the need
for this housing, which constitutes an emergency.
(5) The absence of affordable housing in blighted,
deteriorated, or deteriorating areas necessitates excessive and
disproportionate expenditures of public funds for crime
prevention, public health and safety, fire and accident
prevention, and other public services and facilities.
(6) The planning, replanning, development, and
redevelopment of housing within blighted, deteriorated, or
deteriorating areas will do the following:
(A) Benefit the health, safety, morals, and welfare of the
county and the state.
(B) Serve to protect and increase property values in the
county and the state.
(C) Benefit persons of low and moderate income by making
affordable housing available to them.
(D) Reduce public expenditures required for governmental
functions such as police and fire protection and other
services.
(7) The planning, replanning, development, and
redevelopment of housing within blighted, deteriorated, or
deteriorating areas under this section and sections 32 through
35 of this chapter are:
(A) necessary in the public interest; and
(B) public uses and purposes for which public money may
be spent and private property may be acquired.
(8) This section and sections 46 through 49 of this chapter
shall be liberally construed to carry out the purposes of this
section and this chapter.
SOURCE: IC 36-7-14-46; (03)CR158801.6. -->
SECTION 6.
IC 36-7-14-46
IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2003]: Sec. 46. (a) The commission shall establish a program for
housing. The program, which may include such elements as the
commission considers appropriate, shall be adopted as part of a
redevelopment plan or amendment to a redevelopment plan and
must establish an allocation area for purposes of sections 39 and 49
of this chapter for the accomplishment of the program.
(b) The notice and hearing provisions of sections 17 and 17.5 of
this chapter apply to the resolution adopted under subsection (a).
Judicial review of the resolution may be made under section 18 of
this chapter.
(c) Before formal submission of any housing program to the
commission, the department shall consult with persons interested
in or affected by the proposed program and provide the affected
neighborhood associations, residents, and township assessors with
an adequate opportunity to participate in an advisory role in
planning, implementing, and evaluating the proposed program.
The department may hold public meetings in the affected
neighborhood to obtain the views of neighborhood associations and
residents.
SOURCE: IC 36-7-14-47; (03)CR158801.7. -->
SECTION 7.
IC 36-7-14-47
IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2003]:
Sec. 47. All of the rights, powers, privileges, and
immunities that may be exercised by the commission in blighted,
deteriorated, or deteriorating areas may be exercised by the
commission in implementing its program for housing, including the
following:
(1) The special tax levied in accordance with section 28 of this
chapter may be used to accomplish the housing program.
(2) Bonds may be issued under this chapter to accomplish the
housing program, but only one (1) issue of bonds may be
issued and payable from increments in any allocation area
except for refunding bonds or bonds issued in an amount
necessary to complete a housing program for which bonds
were previously issued.
(3) Leases may be entered into under this chapter to
accomplish the housing program.
(4) The tax exemptions set forth in section 37 of this chapter
are applicable.
(5) Property taxes may be allocated under section 39 of this
chapter.
SOURCE: IC 36-7-14-48; (03)CR158801.8. -->
SECTION 8.
IC 36-7-14-48
IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2003]:
Sec. 48. The commission must make the following findings
in the resolution adopting a housing program under section 46 of
this chapter:
(1) The program meets the purposes of section 45 of this
chapter.
(2) The program cannot be accomplished by regulatory
processes or by the ordinary operation of private enterprise
because of:
(A) lack of public improvements;
(B) existence of improvements or conditions that lower the
value of the land below that of nearby land; or
(C) other similar conditions.
(3) The public health and welfare will be benefited by
accomplishment of the program.
(4) The accomplishment of the program will be of public
utility and benefit as measured by:
(A) provision of adequate housing for low and moderate
income persons;
(B) increase in the property tax base; or
(C) other similar public benefits.
(5) At least one-third (1/3) of the parcels in the allocation area
established by the program are vacant.
(6) At least three-fourths (3/4) of the allocation area is used
for residential purposes or is planned to be used for
residential purposes.
(7) At least one-third (1/3) of the residential units in the
allocation area were constructed before 1941.
(8) At least one-third (1/3) of the parcels in the allocation area
have one (1) or more of the following characteristics:
(A) The dwelling unit on the parcel is not permanently
occupied.
(B) The parcel is the subject of a governmental order,
issued under a statute or ordinance, requiring the
correction of a housing code violation or unsafe building
condition.
(C) Two (2) or more property tax payments on the parcel
are delinquent.
(D) The parcel is owned by local, state, or federal
government.
SOURCE: IC 36-7-14-49; (03)CR158801.9. -->
SECTION 9.
IC 36-7-14-49
IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2003]:
Sec. 49. (a) Notwithstanding section 39 of this chapter,
with respect to the allocation and distribution of property taxes for
the accomplishment of a program adopted under section 46 of this
chapter, "base assessed value" means the net assessed value of all
the land as finally determined for the assessment date immediately
preceding the effective date of the allocation provision, as adjusted
under section 39 of this chapter. However, "base assessed value"
does not include the value of real property improvements to the
land.
(b) The special fund established under section 39 of this chapter
for the allocation area for a program adopted under section 46 of
this chapter may be used only for purposes related to the
accomplishment of the program, including the following:
(1) The construction, rehabilitation, or repair of residential
units within the allocation area.
(2) The construction, reconstruction, or repair of
infrastructure (such as streets, sidewalks, and sewers) within
or serving the allocation area.
(3) The acquisition of real property and interests in real
property within the allocation area.
(4) The demolition of real property within the allocation area.
(5) To provide financial assistance to enable individuals and
families to purchase or lease residential units within the
allocation area. However, financial assistance may be
provided only to those individuals and families whose income
is at or below the county's median income for individuals and
families, respectively.
(6) To provide financial assistance to neighborhood
development corporations to permit them to provide financial
assistance for the purposes described in subdivision (5).
(7) To provide each taxpayer in the allocation area a credit
for property tax replacement as determined under subsections
(c) and (d). However, this credit may be provided by the
commission only if the redevelopment commission establishes
the credit adopted in the year before the year in which the
credit is provided.
(c) The maximum credit that may be provided under subsection
(b)(7) to a taxpayer in a taxing district that contains all or part of
an allocation area established for a program adopted under section
46 of this chapter shall be determined as follows:
STEP ONE: Determine that part of the sum of the amounts
described in
IC 6-1.1-21-2
(g)(1)(A) and
IC 6-1.1-21-2
(g)(2)
through
IC 6-1.1-21-2
(g)(5) that is attributable to the taxing
district.
STEP TWO: Divide:
(A) that part of each county's eligible property tax
replacement amount (as defined in
IC 6-1.1-21-2
) for that
year as determined under
IC 6-1.1-21-4
(a)(1) that is
attributable to the taxing district; by
(B) the amount determined under STEP ONE.
STEP THREE: Multiply:
(A) the STEP TWO quotient; by
(B) the taxpayer's taxes (as defined in
IC 6-1.1-21-2
) levied
in the taxing district allocated to the allocation fund,
including the amount that would have been allocated but
for the credit.
(d) The commission may determine to grant to taxpayers in an
allocation area from its allocation fund a credit under this section,
as calculated under subsection (c), by applying one-half (1/2) of the
credit to each installment of taxes (as defined in
IC 6-1.1-21-2
) that
under
IC 6-1.1-22-9
are due and payable on May 1 and November
1 of a year. The commission must provide for the credit annually
by a resolution and must find in the resolution the following:
(1) That the money to be collected and deposited in the
allocation fund, based upon historical collection rates, after
granting the credit will equal the amounts payable for
contractual obligations from the fund, plus ten percent (10%)
of those amounts.
(2) If bonds payable from the fund are outstanding, that there
is a debt service reserve for the bonds that at least equals the
amount of the credit to be granted.
(3) If bonds of a lessor under section 25.2 of this chapter or
under
IC 36-1-10
are outstanding and if lease rentals are
payable from the fund, that there is a debt service reserve for
those bonds that at least equals the amount of the credit to be
granted.
If the tax increment is insufficient to grant the credit in full, the
commission may grant the credit in part, prorated among all
taxpayers.
(e) Notwithstanding section 39 of this chapter, the special fund
established under section 39 of this chapter for the allocation area
for a program adopted under section 46 of this chapter may be
used only to do one (1) or more of the following:
(1) Accomplish one (1) or more of the actions set forth in
section 39(b)(2)(A) through 39(b)(2)(H) of this chapter.
(2) Reimburse the unit establishing the housing program for
expenditures made by the unit in order to accomplish the
housing program in that allocation area.
The special fund may not be used for operating expenses of the
commission.
(f) Notwithstanding section 39 of this chapter, the commission
shall, relative to the special fund established under section 39 of
this chapter for an allocation area for a program adopted under
section 46 of this chapter, do the following before July 15 of each
year:
(1) Determine the amount, if any, by which property taxes
payable to the allocation fund in the following year will exceed
the amount of property taxes necessary:
(A) to make, when due, principal and interest payments on
bonds described in section 39(b)(2) of this chapter;
(B) to pay the amount necessary for other purposes
described in section 39(b)(2) of this chapter; and
(C) to reimburse the unit establishing the housing program
for anticipated expenditures described in subsection (e)(2).
(2) Notify the county auditor of the amount, if any, of excess
property taxes that the commission has determined may be
paid to the respective taxing units in the manner prescribed
in section 39(b)(1) of this chapter.
SOURCE: IC 36-7-14-50; (03)CR158801.10. -->
SECTION 10.
IC 36-7-14-50
IS ADDED TO THE INDIANA
CODE AS A
NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2003]:
Sec. 50. (a) The general assembly finds
the following:
(1) Federal law permits the sale of a multiple family housing
project that is or has been covered, in whole or in part, by a
contract for project based assistance from the United States
Department of Housing and Urban Development without
requiring the continuation of that project based assistance.
(2) Such a sale displaces the former residents of a multiple
family housing project described in subdivision (1) and
increases the shortage of safe and affordable housing for
persons of low and moderate income within the county.
(3) The displacement of families and individuals from
affordable housing requires increased expenditures of public
funds for crime prevention, public health and safety, fire and
accident prevention, and other public services and facilities.
(4) The establishment of a supplemental housing program
under this section will do the following:
(A) Benefit the health, safety, morals, and welfare of the
county and the state.
(B) Serve to protect and increase property values in the
county and the state.
(C) Benefit persons of low and moderate income by making
affordable housing available to them.
(5) The establishment of a supplemental housing program
under this section and sections 46 through 49 of this chapter
is:
(A) necessary in the public interest; and
(B) a public use and purpose for which public money may
be spent and private property may be acquired.
(b) In addition to its other powers with respect to a housing
program under sections 46 through 49 of this chapter, the
commission may establish a supplemental housing program.
Except as provided by this section, the commission has the same
powers and duties with respect to the supplemental housing
program that the commission has under sections 46 through 49 of
this chapter with respect to the housing program.
(c) One (1) allocation area may be established for the
supplemental housing program. The commission is not required to
make the findings required under section 48(5) through 48(8) of
this chapter with respect to the allocation area. However, the
commission must find that the property contained within the
boundaries of the allocation area consists solely of one (1) or more
multiple family housing projects that are or have been covered, in
whole or in part, by a contract for project based assistance from
the United States Department of Housing and Urban Development
or have been owned at one time by a public housing agency. The
allocation area need not be contiguous. The definition of "base
assessed value" set forth in section 49(a) of this chapter applies to
the special fund established under section 39 of this chapter for the
allocation area.
(d) The special fund established under section 39 of this chapter
for the allocation area established under this section may be used
only for the following purposes:
(1) Subject to subdivision (2), on January 1 and July 1 of each
year the balance of the special fund shall be transferred to the
housing trust fund established under subsection (e).
(2) The commission may provide each taxpayer in the
allocation area a credit for property tax replacement in the
manner provided by section 49(b)(7) of this chapter.
Transfers made under subdivision (1) shall be reduced by the
amount necessary to provide the credit.
(e) The commission shall, by resolution, establish a housing trust
fund to be administered, subject to the terms of the resolution, by:
(1) the division or department of the unit establishing the
housing program; or
(2) the department, division, or agency that has been
designated to perform the public housing function by an
ordinance adopted under
IC 36-7-18-1.
(f) The housing trust fund consists of:
(1) amounts transferred to the fund under subsection (d);
(2) payments in lieu of taxes deposited in the fund under
IC 36-1-8-14.2
or
IC 36-2-6-22
;
(3) gifts and grants to the fund;
(4) investment income earned on the fund's assets; and
(5) other funds from sources approved by the commission.
(g) The commission shall, by resolution, establish uses for the
housing trust fund. However, the uses must be limited to:
(1) providing financial assistance to those individuals and
families whose income is at or below eighty percent (80%) of
the county's median income for individuals and families,
respectively, to enable those individuals and families to
purchase or lease residential units within the county;
(2) paying expenses of administering the fund;
(3) making grants, loans, and loan guarantees for the
development, rehabilitation, or financing of affordable
housing for individuals and families whose income is at or
below eighty percent (80%) of the county's median income for
individuals and families, respectively, including the elderly,
persons with disabilities, and homeless individuals and
families; and
(4) providing technical assistance to nonprofit developers of
affordable housing.
(h) At least fifty percent (50%) of the dollars allocated for
production, rehabilitation, or purchase of housing must be used for
units to be occupied by individuals and families whose income is at
or below fifty percent (50%) of the county's area median income
for individuals and families, respectively.
(i) The low income housing trust fund advisory committee is
established. The low income housing trust fund advisory committee
consists of eleven (11) members to be appointed by the
redevelopment commission. The members appointed by the
commission must include representatives of:
(1) elected or appointed officials from the governmental
entities governing the county and each municipality in which
the supplemental housing program is located; and
(2) other members who are capable of representing the
interests of the following:
(A) Banks and other financial institutions.
(B) Low income families.
(C) Owners of subsidized, multifamily housing
communities.
(D) Neighborhood associations.
(E) Community based organizations.
(F) Social services agencies.
(G) Other agencies involved in homeless intervention and
prevention.
Members of the low income housing trust fund advisory committee
serve for a term of four (4) years and are eligible for
reappointment. If a vacancy exists on the committee, the
appointing authority who appointed the former member whose
position has become vacant shall appoint an individual to fill the
vacancy. A committee member may be removed at any time by the
appointing authority who appointed the committee member.
(j) The low income housing trust fund advisory committee shall
make recommendations to the commission regarding:
(1) the development of policies and procedures for the uses of
the low income housing trust fund; and
(2) long term sources of capital for the low income housing
trust fund, including:
(A) revenue from:
(i) development ordinances;
(ii) fees; or
(iii) taxes;
(B) financial market based income;
(C) revenue derived from private sources; and
(D) revenue generated from grants, gifts, donations, or
income in any other form from a:
(i) government program;
(ii) foundation; or
(iii) corporation.
(k) The treasurer of the unit establishing the commission shall
invest the money in the fund not currently needed to meet the
obligations of the fund in the same manner as other public funds
may be invested.
(Reference is to HB 1588 as introduced.)
and when so amended that said bill do pass.
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CR158801/DI 92 2003