INDIANAPOLIS (WISH) — A new Indiana law was designed to give nonprofits that work to provide low-income housing a fighting chance against big out-of-state investors.
Those investors’ buying of property and hiking up rent has become an increasing trend in Indianapolis, some say.
“The tax lien sale has become … it’s an investment tool,” said Mickey Rogers, deputy treasurer of operations in the Marion County Treasurer’s Office. “There are institutional investors, people who do this across the country, who come forward with very deep pockets and buy up dozens and dozens of liens.”
Rogers says the new law doesn’t prevent out-of-state investors from buying property but, instead, carves out a cap of 5% of properties that are available for tax lien sale and specifically targets those homes owned by a corporation or limited liability corporation.
“They’re nine townships in Marion County; this would kind of create a…