Sec. 7. (a) The conveyance of a dwelling to an applicant under this chapter shall be made in return for a fee of:
(1) one dollar ($1); plus
(2) the amounts described in IC 6-1.1-24-5(e)(4) through IC 6-1.1-24-5(e)(6);
if the applicant executes an agreement that meets the minimum conditions specified in subsection (b).
(b) The agreement described in subsection (a) must include the following minimum conditions:
(1) The applicant must apply for and receive a rehabilitation loan with respect to the dwelling and the real property on which it is located not later than the period prescribed by the director of the agency in the rules and regulations described in section 11 of this chapter.
(2) Upon receiving the rehabilitation loan described in subdivision (1), the applicant must comply with the program regulations set forth in 24 CFR 203.50 and 24 CFR 203.440 et seq., with respect to the rehabilitation loan described in subdivision (1).
(3) The applicant must comply with any additional terms, conditions, and requirements that the agency may impose to ensure that the purposes of this chapter are carried out. This may include the requirement that the dwelling be rehabilitated to minimum building code standards before possession.
As added by P.L.118-2013, SEC.16. Amended by P.L.251-2015, SEC.34; P.L.149-2016, SEC.98.
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