Business and Economics

Senate OKs Abandoned Homes Bill

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March 13, 2014 –TheStatehouseFile.com

INDIANAPOLIS – The Indiana Senate unanimously passed a bill Wednesday that will attempt to expedite the process of buying abandoned homes.

Senate Bill 422 would allow for an interest rate of only 5 percent, and buyers would take ownership of a home as soon as the tax sale is completed.

Under current law, buyers must wait a year before taking ownership, allowing for the previous owners to pay taxes and interest on the home.

The bill now goes to Gov. Mike Pence for approval.

 

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