The state of Indiana has many departments that handle various different aspects regarding the state’s finances, while providing low-cost financing, enhancing the possibilities for investments or just providing a better quality life for Indiana’s residents, by promoting self-sufficiency and better housing opportunities.
Indiana Bond Bank
The primary mission of the Bond Bank is to help the local government to obtain low-cost financing for their operations. The list of qualified entities (QEs) that can make use of the benefits of the Bond Bank include schools, hospitals, public universities, towns, counties, public libraries and cities. The Bond Bank acts as a financial conduit, which means it purchases bonds and notes from various different communities and then it pools these bonds together. Through this process, the Bond Bank allows the communities to see the benefits coming from the savings gathered through sharing of fixed costs. The Bond Bank offers several different programs, such as:
Indiana Finance Authority
The main task of the Indiana Finance Authority is to provide economic effectiveness by improving the communication with the different participants in the financial markets and, also, offer effective solutions to increase and facilitate state and local government and business investments. The IFA is also authorized to issue revenue bonds which are payable from lease rentals under rental agreements with many state agencies, as well as financing the costs of building and equipping structures for state use, such as state office buildings, bridges, garages, highways and airport facilities. Aside from these responsibilities, the IFA manages three additional programs:
Department of Local Government Finance
It is up to the Department of Local Government Finance to make sure that there is a fair property tax system for Indiana residents, while also ensuring that all state laws are followed concerning budgets and tax assessment. The DLGF does this by reviewing the tax rates of every town and city and publishing rules that apply to each one.
Indiana Housing and Community Development Authority
The mission of the IHCDA is to provide housing opportunities to low income Indiana residents, to build stronger communities and to promote self-sufficiency. The IHCDA works together with investors, developers, lenders and nonprofit organizations that use the department’s financing in order to create and preserve housing for the most vulnerable population in Indiana. The IHCDA finances and supports a wide range of housing solutions, from shelters to homeownership. In turn, these activities have provided amazing results, such as community growth, new job opportunities, stable family units, maximized local resources and a broadened tax base. By creating a healthy home base for residents, the IHCDA has helped boost the state’s economy growth and number of housing opportunities.
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