(a) A municipality may contract with a person who agrees to participate in a targeted neighborhood enhancement plan. This contract may be for an amount not to exceed twenty percent (20%) of the cost of building or rehabilitating a residential structure within the designated area, exclusive of down payment, provided the person agrees to occupy the structure as the person's principal residence for a continuous period of five (5) years.
(b) A municipality may contract with any person or entity owning and developing property for resale within a targeted neighborhood to provide an amount not to exceed twenty percent (20%) of the cost of constructing or rehabilitating a residential structure under the following conditions:
(1) The person or entity shall demand that the purchaser of the property within the targeted area shall occupy the structure and make it the person's or entity's principal residence for a period of five (5) years; and
(2) Any contracted amount from the municipality will not be provided to the person or entity developing the property for resale until:
(A) The property is sold to a purchaser who then contracts with the municipality to occupy the structure within the targeted area in return for the provision of up to twenty percent (20%) of the cost of construction or rehabilitation, which amount at sale is assigned from the person or entity to the purchaser; and
(B) The new purchaser makes the residential structure the purchaser's principal residence for a period of five (5) years; and
(3) None of the amount provided by the municipality shall be used for down payment.
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