Real Property Transfer Agreement - South Bend Heritage Foundation

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Southold I{eritage Foundationl Inc. 620 hrest I,lashington Ave. South Bend, Indiana 4660I flc.,-rr!,rr.,, t,,, ::r. tl,.-t,lV WaShinotr.,{r. f C i-022i Person to Contact:' , t--- ' D-rr^t ': "-- - - TejPP!,o?e- Nurrlbe '' -l/L-',i vu----- I Rclrr Pcpi',, 1c: E:EO:T:R:2-6 D?tc-. Bgt z 2 1e7s Dear Applicant: . \Ie have considered your application for recognition of exempr. status from Federal income tax as an organization described in section 50I(c)(3) of the Internal Revenue Cod.e. The information presented indicates that you vrere incorporated on July ll, r974, under the non-profit corporation laros of rndiana for charitable and educational purposes. In furtherance of these purposes you o\.7n, pf€sBrV€l redeverop, improve, renovate, and maintain sites and stuctures of historical, architectural.and educational si-gnificance in St. Joseph County, Indiana. Your activities are primarily cond.ucted in the hlest tr'lashington Historic Distri'ct in South Bend. This district is listed on the National Register for llistoric places. rn carryi_ng our your purposes a substantial parL of your activities consist of either the acquisition and resale of historically significant properties, or the maki-ng of loans to owners of s,rch propertiqs. other activities, carried out in the same manner, consist of combatting conmunity deteriora- rion by engaging in redevelopment and renovation of deteriorat;d housing. Your loans are of two varieties, either short term roans of one year or less, or long term loans. some of the funds for these loans come from Cornmunllt Development grants which stipulate the incerest rate to be charged, based on income and family size. other loans are from funds you have received from a variety of sources. These loans are offered a! a rate of interest which is one percent below the currenr prime rate. Where you acquire historic structures you either rehabilitate and restore then yourself before you sell thern or else sell them with the agreement that the buyer will rehabilitate and restore the strucrures. I{hether you either buy the sEructure and resell it, or make a loan to owners of a structure in order for them to restore it, you place restrictive covenants or faeade easements in the title to the properry. These require that there be no alteration, demolition, addition, or other structural change to the structure, nor any change in ma;erials used on the surface, and that no ne\r or different buildings or improve- ments be constructed on the property. You additionally require that in .the event the purchaser wishes to dispose of the property you be given a right of first refusal. I^Ihere Federal funds are used the general public wj-11 be given access in accordance with existing Federal regulations.