1. (a) The authority shall develop and use a priority ranking system in making loans from the fund.

2. (b) The ranking system must prioritize making loans for eligible projects to participants that:

   1. (1) have:

      1. (A) invested in a housing study within the last five (5) years;
      2. (B) had a housing study performed by a region's local economic development organization; or
      3. (C) demonstrated the need for housing inventory as indicated by the Indiana state housing dashboard;

   2. (2) have voluntarily revised unified development ordinances, zoning regulations, or other land development rules to allow for:

      1. (A) higher density development;
      2. (B) construction of other housing types including accessory dwelling units and manufactured and modular housing;
      3. (C) adaptive reuse of commercial buildings for residential use; or

      4. (D) waiver or elimination of regulations such as requirements for:

         1. (i) garage size and placement;
         2. (ii) steeper roof pitch;
         3. (iii) minimum lot size and square footage;
         4. (iv) greater setbacks;
         5. (v) off-street parking; or
         6. (vi) design standards that restrict or prohibit the use of code compliant products;
   3. (3) do not have impact fee ordinances;
   4. (4) have secured private, local, state, or federal funds to contribute to the eligible project;
   5. (5) have secured a letter of support from an employer stipulating that the public infrastructure will support residential housing that is in reasonable proximity to employment; or
   6. (6) assist homeowners to age in place through restoration or renovation of existing homes.

As added by P.L.204-2023, SEC.5. Amended by P.L.90-2024, SEC.3.