Sec. 16. (a) A housing authority may: (1) prepare, carry out, acquire, lease, and operate housing projects; and (2) provide for the construction, reconstruction, improvement, alteration, or repair of all or part of a housing project. (b) Notwithstanding subsection (a), a housing project may not be built if the average construction cost, exclusive of the cost of land, demolition, and nondwelling facilities, is more than: (1) four thousand dollars ($4,000) per room; (2) fifteen thousand dollars ($15,000) per room, if the accommodations are designed specifically for persons of low income who: (A) have attained the age at which they may elect to receive old age benefits under Title 2 of the Social Security Act (42 U.S.C. 401-433); or (B) are under disability (as defined in Section 223 of that Act (42 U.S.C. 423)); or (3) any greater amount established by the federal government as the basis for computing any of its annual contributions. (c) Notwithstanding subsection (b), if the housing authority finds that:
(1) compliance with the cost limitations in subsection (b) would require the sacrifice of sound standards of construction, design, and livability in a project; and (2) there is an acute need for the proposed housing; it may exceed the cost limitation that would otherwise be applicable under subsection (b) by not more than an amount necessary to make the project financially feasible. [Pre-Local Government Recodification Citations: 18-7-11-8(b); 18-7-11-3(o).] As added by Acts 1981, P.L.309, SEC.37. Amended by P.L.309-1989, SEC.1; P.L.255-1996, SEC.27; P.L.73-2026, SEC.29.