Sec. 54. (a) This section applies only to a residential housing development program authorized by section 53 of this chapter.
(b) Except as provided in subsections (c) and (d), all the rights, powers, privileges, and immunities that may be exercised by the commission in blighted, deteriorated, or deteriorating areas may be exercised by the commission in implementing its program for a residential housing development, including the following:
(1) The special tax levied in accordance with section 27 of this chapter may be used to accomplish the purposes of the residential housing development program.
(2) Bonds may be issued under this chapter to accomplish the residential housing development program, but only one (1) issue of bonds may be issued and payable from increments in any allocation area except for refunding bonds or bonds issued in an amount necessary to complete a residential housing development program for which bonds were previously issued.
(3) Leases may be entered into under this chapter to accomplish the residential housing development program.
(4) The tax exemptions set forth in section 37 of this chapter are applicable.
(5) Property taxes may be allocated under section 39 of this chapter.
(c) A commission may not exercise the power of eminent domain in implementing its residential housing development program.
(d) A commission may not enter into lease financing or bond financing unless the commission first obtains approval of the county or municipal legislative body.
(e) The residential housing in a residential housing development program may not be encumbered, used as collateral, subjected to a monetary assessment, or otherwise restricted in any way in order to provide security for repayment of a bond that is issued or a lease that is entered into for or in connection with the residential housing development program, including any:
(1) lien;
(2) mortgage;
(3) covenant;
(4) special assessment; or
(5) restriction on a homeowner's right to appeal a property tax assessment or other property tax issue affecting a homeowner's liability for property taxes.
As added by P.L.235-2019, SEC.3.