Resolution of the City of South Bend

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Peter H. Mullen Director, Administration and Finance CITY of PETER SOUTH J. NEMETH, BEND Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 Members of the Common Council City Council Office Fourth Floor County -City Bldg. South Bend, IN 46601 May 10, 1979 Dear Members of the Common Council: Attached is a resolution beginning the process of issuing a mortgage - backed housing bond. 219/284 -9742 We are starting this process because of a possibility that the Federal government may either stop this bonding method or, at least, restrict its usage. It appears that the uniqueness and popularity of these bonds have caused concern over the loss of Federal tax monies. As you know, Senator Doug Hunt sponsored this bill in the Indiana Senate which was approved by both houses and ultimately signed into law. Indiana's bill basically allows this mortgage bond to be used inside the city limits of South Bend for those families who have a combined family income of approximately $20,000.00 or less. This procedure will be worked in joint cooperation with any institution that presently is in the home mortgage business in South Bend. We feel that this mortgage will be an excellent tool to make South Bend an attractive city to purchase a home. But, because of the possibility of the Federal government restricting this fine urban tool, we would request that the Council pass this resolution. In the event that Congress grandfathers any municipality "in the process" we feel that we will be considered as a city falling in that category. Very truly/yqurs, Meter H! -Mu I I en City ontroller PHM /mer