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36-7-15.1-4.3. Prohibition regarding single family residential property

IN Code § 36-7-15.1-4.3 (2019) (N/A)
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Sec. 4.3. Notwithstanding any other provision in this chapter, after June 30, 2014:

(1) a redevelopment commission;

(2) a department of redevelopment; or

(3) any other entity:

(A) established by the commission or department; or

(B) controlled by the commission or a member of the commission regardless of any pecuniary interest the member may have;

may not own, lease, or otherwise hold a single family dwelling or condominium unit for purposes of leasing for the use by individuals as a dwelling. In addition, an arrangement or agreement that is contrary to this section may not be extended beyond the term of the arrangement or agreement as in effect on June 30, 2014. However, a commission, department, or entity covered by this section may own property in the capacity of a land bank for a unit.

As added by P.L.149-2014, SEC.33.

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