Introduced House Bill (H)

Authored by

DIGEST

Loans for abandoned or foreclosed homes. Establishes the abandoned or foreclosed property rehabilitation financing program (program) to provide rehabilitation loans to finance the purchase and rehabilitation of abandoned or foreclosed property. Provides that the housing and community development authority (authority) shall administer the program. Allows a lender that: (1) is authorized to originate, service, or otherwise aid in the financing of residential mortgage loans in Indiana; and (2) meets the standards for program participation established by the authority; to be an approved lender under the program for the purpose of making rehabilitation loans to eligible persons. Specifies that a rehabilitation Loans for abandoned or foreclosed homes. Establishes the abandoned or foreclosed property rehabilitation financing program (program) to provide rehabilitation loans to finance the purchase and rehabilitation of abandoned or foreclosed property. Provides that the housing and community development authority (authority) shall administer the program. Allows a lender that: (1) is authorized to originate, service, or otherwise aid in the financing of residential mortgage loans in Indiana; and (2) meets the standards for program participation established by the authority; to be an approved lender under the program for the purpose of making rehabilitation loans to eligible persons. Specifies that a rehabilitation loan is a first lien mortgage loan that is: (1) issued by an approved lender for the purpose of purchasing and rehabilitating abandoned or foreclosed property; (2) guaranteed by the authority; (3) a zero or low interest loan; (4) for a term of years determined or approved by the authority; and (5) repayable in installments or, at the option of the mortgagor, repayable when the mortgagor sells or transfers the mortgagor's interest in the property. Requires the authority to establish, not later than January 1, 2016, policies and procedures to implement and administer the program. Allows the authority to adopt rules to establish the policies and procedures to implement and administer the program. Establishes the abandoned or foreclosed property rehabilitation financing account within the state general fund to provide funds to: (1) guarantee rehabilitation loans under the program; and (2) pay the authority's expenses in establishing and administering the program. ... View more