The conveyance of a dwelling to an applicant under this chapter shall be made in return for a fee of one dollar ($1) or more and the execution by the applicant of an agreement with the following minimum conditions:

1. (1) The applicant must:

   1. (A) if a person, reside in the dwelling as the person's principal place of residence for a period of not less than three (3) years; or
   2. (B) if a community organization, agree to list the dwelling for sale within twelve (12) months after possession.
2. (2) The applicant must bring the residence up to a minimum code standard, including building, plumbing, electrical, and fire code standards, within twelve (12) months after possession, or before possession if required under subdivision (4).
3. (3) The applicant must carry fire and liability insurance on the dwelling at all times.

4. (4) The applicant must comply with any additional terms, conditions, and requirements that the agency may impose to assure that the purposes of this chapter are carried out. This may include the requirement that the dwelling be rehabilitated to minimum building code standards before possession.

   [Pre-Local Government Recodification Citation: 18-7-21-5.]

   As added by Acts 1981, P.L.309, SEC.36. Amended by P.L.177-2003, SEC.13.