1. (a) The fiscal body of a unit may by ordinance designate an agency or quasi-public corporation, or establish a new agency, to administer an urban homesteading program under which a dwelling for one (1) to four (4) families may be conveyed to individuals who must:

   1. (1) occupy and rehabilitate the dwelling;

   2. (2) use a rehabilitation loan to finance both:

      1. (A) the purchase of the dwelling and the real property on which it is located in a sale under this chapter; and
      2. (B) the rehabilitation of the dwelling; and
   3. (3) comply with the program regulations set forth in 24 CFR 203.50 and 24 CFR 203.440 et seq., with respect to the rehabilitation loan described in subdivision (2).

2. (b) If the fiscal body of a unit has adopted an ordinance under IC 36-7-17-2 to:

   1. (1) designate an agency or quasi-public corporation; or

   2. (2) establish an agency;

      to administer an urban homesteading program under IC 36-7-17 , the fiscal body of the unit may designate the same agency or quasi-public corporation designated or established under the ordinance adopted under IC 36-7-17-2 to administer an urban homesteading program under this chapter.

As added by P.L.118-2013, SEC.16.