The office may award a grant to a person if all the following conditions are met:

1. (1) The historic property is:

   1. (A) located in Indiana;
   2. (B) at least fifty (50) years old; and
   3. (C) owned by the person. This requirement does not apply to a nonprofit organization facilitating a qualified affordable housing project.

2. (2) The office certifies that the historic property is listed in or eligible to be listed in:

   1. (A) the register of Indiana historic sites and historic structures; or
   2. (B) the National Register of Historic Places, either individually or as a contributing resource in a National Register District.
3. (3) The office certifies that the person submitted a proposed preservation or rehabilitation plan to the division that complies with the standards of the division.
4. (4) The submitted plan referenced in section 7 of this chapter complies with the program guidelines established by the office.

5. (5) The historic property is to be:

   1. (A) actively used in a trade or business;
   2. (B) held for the production of income; or
   3. (C) held for the rental or other use in the ordinary course of the person's trade or business.
6. (6) The qualified expenditures for preservation or rehabilitation of the historic property exceed ten thousand dollars ($10,000).

As added by P.L.213-2015, SEC.39. Amended by P.L.202-2016, SEC.3.