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Residential redevelopment. Authorizes the designation of residential redevelopment areas in Indianapolis and second class cities. Provides for the acquisition of real property subject to a tax sale for purposes of residential redevelopment. Provides an assessed valuation deduction for the rehabilitation or redevelopment of residential property in a residential redevelopment area. Provides an income tax credit for sales taxes paid on building materials used to construct or rehabilitate residential property in a residential redevelopment area. Provides an income tax credit for the purchase of a newly constructed or rehabilitated property used as a primary residence in a residential redevelopment area.
