(A) The town hereby establishes the town's Affordable Housing Fund, pursuant to IC 5-20-5-15.5.
(B) In accordance with IC 5-20-5-15.5, the town is authorized and directed to administer the Fund and shall use the Fund for the following uses:
(1) Providing financial assistance to those individuals and families whose income is at or below 80% of Clark 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 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.
(C) The Town Manager is directed to notify the Indiana Housing and Community Development Authority of the creation of the Fund and take all necessary and appropriate action to establish and administer the Fund.
(D) The PILOT Agreement is hereby approved by the town, and the owner shall make the annual PILOT payments in accordance with the terms of the PILOT agreement, which is conditioned upon, among other requirements, the owner receiving property tax exemption for the project pursuant to IC 6-1.1-10-16.7.
(E) In accordance with IC 36-l-8-14.3(h), the PILOT payments shall be deposited in the Fund.
(Ord. 2022-G-07, passed 5-17-22)