Approving Karl King Housing, Inc.

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RESOLUTION NO. 675 -79 A RESOLUTION APPROVING KARL KING HOUSING, INC. WHEREAS, a shortage of decent, safe and sanitary housing for persons and families of low income exists in South Bend, Indiana (the "Locality "); WHEREAS, it is proposed that a multifamily housing project, designated as "Karl King Towers" be constructed in the Locality (the "Project ") to consist of approximately 219 dwelling units intended for occupancy by persons and families of low income; WHEREAS, Karl King Housing, Inc. (the "Corporation ") a non- profit corporation, has been created to provide construction and permanent mortgage financing for the project by the issuance of its bonds; WHEREAS, Section 11(b) of the United States Housing Act of 1937 provides for financial assistance with respect to housing for persons and families of low income by authorizing an exemption from federal income taxation for interest paid on bonds issued by certain entities, such as the Corporation, to assist in the financ- ing of such housing; WHEREAS, in order to obtain such assistance of the Federal Government, it is necessary for the Housing Authority of the City of South Bend, Indiana (the "Public Body "), to make certain deter- minations and enter into certain agreements with respect to the Project and the Corporation; and WHEREAS, in order for the Public Body to make such agreements and enter into such agreements, it is necessary for the governing body which activated the Public Body to approve the Project: SECTION I. NOW, Council hereby of the City of approved. THEREFORE, BE IT RESOLVED by the Common South Bend, Indiana, that the Project is SECTION II. That this Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. RI Adopted, as amended, January 22, 1979 r - v e Common Counc