| 1 | 1 | | |
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| 2 | 2 | | Introduced Version |
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| 3 | 3 | | HOUSE BILL No. 1165 |
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| 4 | 4 | | _____ |
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| 5 | 5 | | DIGEST OF INTRODUCED BILL |
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| 6 | 6 | | Citations Affected: IC 5-20-1-4.9. |
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| 7 | 7 | | Synopsis: Down payment assistance. Provides that a person that |
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| 8 | 8 | | otherwise meets the qualifications to receive down payment assistance |
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| 9 | 9 | | under a down payment assistance program offered by the Indiana |
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| 10 | 10 | | housing and community development authority (authority) may pair |
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| 11 | 11 | | down payment assistance with a first mortgage issued by a community |
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| 12 | 12 | | development financial institution (CDFI) without regard to whether the |
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| 13 | 13 | | CDFI is a participating lender for purposes of the authority's mortgage |
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| 14 | 14 | | programs and down payment assistance programs. |
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| 15 | 15 | | Effective: July 1, 2025. |
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| 16 | 16 | | Moed |
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| 17 | 17 | | January 8, 2025, read first time and referred to Committee on Financial Institutions. |
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| 18 | 18 | | 2025 IN 1165—LS 6719/DI 129 Introduced |
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| 19 | 19 | | First Regular Session of the 124th General Assembly (2025) |
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| 20 | 20 | | PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana |
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| 21 | 21 | | Constitution) is being amended, the text of the existing provision will appear in this style type, |
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| 22 | 22 | | additions will appear in this style type, and deletions will appear in this style type. |
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| 23 | 23 | | Additions: Whenever a new statutory provision is being enacted (or a new constitutional |
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| 24 | 24 | | provision adopted), the text of the new provision will appear in this style type. Also, the |
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| 25 | 25 | | word NEW will appear in that style type in the introductory clause of each SECTION that adds |
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| 26 | 26 | | a new provision to the Indiana Code or the Indiana Constitution. |
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| 27 | 27 | | Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts |
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| 28 | 28 | | between statutes enacted by the 2024 Regular Session of the General Assembly. |
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| 29 | 29 | | HOUSE BILL No. 1165 |
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| 30 | 30 | | A BILL FOR AN ACT to amend the Indiana Code concerning state |
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| 31 | 31 | | and local administration. |
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| 32 | 32 | | Be it enacted by the General Assembly of the State of Indiana: |
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| 33 | 33 | | 1 SECTION 1. IC 5-20-1-4.9 IS ADDED TO THE INDIANA CODE |
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| 34 | 34 | | 2 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY |
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| 35 | 35 | | 3 1, 2025]: Sec. 4.9. (a) As used in this section, "community |
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| 36 | 36 | | 4 development financial institution" means an organization that has |
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| 37 | 37 | | 5 been certified as a community development financial institution by |
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| 38 | 38 | | 6 the federal Community Development Financial Institutions Fund, |
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| 39 | 39 | | 7 in accordance with the Riegle Community Development and |
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| 40 | 40 | | 8 Regulatory Improvement Act of 1994 (108 Stat. 2160, 12 U.S.C. |
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| 41 | 41 | | 9 4701 et seq.). |
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| 42 | 42 | | 10 (b) As used in this section, "down payment assistance program" |
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| 43 | 43 | | 11 means any of the following programs: |
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| 44 | 44 | | 12 (1) The next home program. |
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| 45 | 45 | | 13 (2) The first step program. |
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| 46 | 46 | | 14 (3) Any other program created by the authority that offers |
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| 47 | 47 | | 15 down payment assistance. |
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| 48 | 48 | | 16 (c) A person that seeks a first mortgage from a community |
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| 49 | 49 | | 17 development financial institution may apply to the authority for |
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| 50 | 50 | | 2025 IN 1165—LS 6719/DI 129 2 |
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| 51 | 51 | | 1 funds available under the authority's down payment assistance |
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| 52 | 52 | | 2 programs. Notwithstanding any other provision of this article, a |
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| 53 | 53 | | 3 person that otherwise meets the qualifications for down payment |
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| 54 | 54 | | 4 assistance under a down payment assistance program may pair |
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| 55 | 55 | | 5 down payment assistance with a first mortgage issued by a |
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| 56 | 56 | | 6 community development financial institution without regard to |
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| 57 | 57 | | 7 whether the community development financial institution is a |
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| 58 | 58 | | 8 participating lender for purposes of the authority's mortgage |
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| 59 | 59 | | 9 programs and down payment assistance programs. |
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| 60 | 60 | | 2025 IN 1165—LS 6719/DI 129 |
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