(a) Except as provided in subsection (b), a commissioner or an employee of a housing authority may not acquire or have any direct or indirect interest in:

1. (1) a housing project;
2. (2) any property included or planned to be included in a project; or
3. (3) a contract or proposed contract for materials or services to be furnished or used in connection with any housing project.

(b) A commissioner or an employee of a housing authority may have an interest described in subsection (a) if that interest is in:

1. (1) a bank or similar financial institution in which housing authority money is deposited;

2. (2) a contract for materials or services provided on an emergency basis under IC 5-22-10-4 in which time is of the essence, if:

   1. (A) the materials or services are priced at a cost comparable to the same materials or services provided on a competitive basis; and
   2. (B) a declaration of emergency is recorded in the housing authority's minutes;
3. (3) a contract for materials or services provided by a minority business enterprise (as defined under IC 4-13-16.5-1 ) that are not available through other minority business enterprises, if the materials and services are priced at a cost comparable to the same materials or services provided on a competitive basis;
4. (4) a contract for materials or services that cannot be reasonably obtained from other suppliers; or
5. (5) a lease under which an employee is a tenant of the housing authority.

(c) If a commissioner or an employee of a housing authority owns or controls a direct or an indirect interest in any property included or planned to be included in a housing project, the commissioner or employee shall immediately disclose that interest in writing to the authority. The disclosure shall be entered upon the minutes of the authority, and the commissioner holding the interest may not vote on the acquisition of the property by the authority. Failure to disclose such an interest constitutes misconduct in office.

[Pre-Local Government Recodification Citation: 18-7-11-6.]

As added by Acts 1981, P.L.309, SEC.37. Amended by P.L.340-1985, SEC.3; P.L.14-1991, SEC.24; P.L.49-1997, SEC.79; P.L.127-2017, SEC.214.