1. (a) The office may award a grant to a person who submits plans for the preservation or rehabilitation of historic property and obtains the certifications required under section 8 of this chapter.

2. (b) The maximum amount of a grant awarded under this section is equal to fifty percent (50%) of the qualified expenditures, not to exceed one hundred thousand dollars ($100,000), that:

   1. (1) the person makes for the preservation or rehabilitation of historic property; and
   2. (2) are approved by the office.

3. (c) Each grant shall be made under a grant agreement by and between the office and the person receiving the grant. The grant agreement must include all of the following:

   1. (1) A timeline for completing the project, including milestones that the person commits to achieving by the time specified.
   2. (2) The approved plans for the preservation or rehabilitation of the historic property.
   3. (3) The estimated cost of the preservation or rehabilitation of the historic property and all sources of money for the project.
   4. (4) The financing plan by the person proposing the project.
   5. (5) The remedies available to the office if the grant is made and the project does not substantially comply with the proposed plan approved under this chapter.
   6. (6) Any other terms or conditions the office considers appropriate.

As added by P.L.213-2015, SEC.39. Amended by P.L.202-2016, SEC.2; P.L.16-2019, SEC.2.