A bill to make it easier for nonprofits to purchase distressed homes is in its final steps in the Indiana General Assembly.
The measure, SB 62, could help preserve affordable housing by setting aside a portion of tax sale properties for nonprofits to acquire. That, in turn, could help owners stay in their homes or rehab homes for low-income families.
The bill’s author, Sen. Mike Young (R-Indianapolis) said the measure is a win-win for communities, especially those at risk of gentrification.
“Helping individuals,” Young said. “Improving the neighborhood, helping to raise up the value of people’s homes that do live there instead of bringing them down.”
It could also curb out-of-state buyers from picking up properties, which decreases the number of local, owner-occupied homes and drives up prices.
Nonprofits interested in acquiring the properties would need a proven track record of providing affordable housing.
The bill has broad bipartisan support in the legislature. Young said that’s always heartening.
“Here’s a problem, and here’s how we can help people who are down and out,” Young said.
The bill passed both chambers and is awaiting approval of amendments.