(2) The program cannot be accomplished by regulatory processes or by the ordinary operation of private enterprise because of:(A) lack of public improvements;(B) existence of improvements or conditions that lower the value of the land below that of nearby land; or(C) other similar conditions.(3) The public health and welfare will be benefited by accomplishment of the program.(4) The accomplishment of the program will be of public utility and benefit as measured by:(A) provision of adequate housing for low and moderate income persons;(B) increase in the property tax base; or(C) other similar public benefits.(5) At least three-fourths (3/4) of the allocation area is used for residential purposes or is planned to be used for residential purposes.(6) At least one-third (1/3) of the residential units in the allocation area were constructed more than fifty (50) years before the date of the resolution.(7) A total of at least one-third (1/3) of the parcels in the allocation area have one (1) l units in the allocation area were constructed more than fifty (50) years before the date of the resolution.(7) A total of at least one-third (1/3) of the parcels in the allocation area have one (1) or more of the following characteristics:(A) The dwelling unit on the parcel is not permanently occupied.(B) The parcel is the subject of a governmental order, issued under a statute or ordinance, requiring the correction of a housing code violation or unsafe building condition.(C) Two (2) or more property tax payments on the parcel are delinquent.(D) The parcel is owned by local, state, or federal government.(E) The parcel is vacant.As added by P.L.193-1988, SEC.10. Amended by P.L.1-1993, SEC.246; P.L.126-2023, SEC.2.
Indiana Legal Code