As used in this chapter, "residentially distressed area" means an area:

1. (1) that has a significant number of:

   1. (A) dwellings (as defined in IC 6-1.1-12-37 ) within the area that are:

      1. (i) not permanently occupied;
      2. (ii) subject to an order issued under IC 36-7-9 ; or
      3. (iii) evidencing significant building deficiencies; or
   2. (B) vacant parcels of real property (as defined by IC 6-1.1-1-15 ); or
2. (2) that has experienced a net loss in the number of dwellings (as defined in IC 6-1.1-12-37 ).

As added by P.L.144-2008, SEC.47. Amended by P.L.1-2009, SEC.168.