Appropriating $200,000.00 Community Development Block Grant Fund

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BILL NO. ORDINANCE NO. 1 AN ORDINANCE APPROPRIATING $200,000.00 FROM THE COMMUNITY DEVELOPMENT BLOCK GR.LNT FUND FOR THE ESTABLISHMENT OF A LOid- INTEREST LOAN FUND FOR COMMERCIAL AND RESIDENTIAL REHABILITATION TO BE ADMINISTERED BY THE CITY OF SOUTH BEND THROUGH ITS DIVISION OF COMMUNITY DEVELOPMENT. STATEMENT OF PURPOSE AND INTENT: The government of the City of South Bend, in creative and affirmative partnership with its residents, private enterprise and the Federal Govern- ment, is committed to the goal of expanding economic opportunities. To further this goal, the Community Development Block Grant Program contains the specific objective of alleviating physical.and economic distress through the stimulation of private investment. The City believes that scarce federal funds should be used whenever possible to encourage private investment in property rehabilitation. Furthermore, existing, older buildings should be reutilized whenever economically possible. Therefore, the Division of Community Development intends to set up a low- interest loan fund for commercial and residential property rehabilitation. The fund will be used to make loans at reduced interest rates to private investors wishing to rehabilitate existing buildings in Community Development Neighborhood Strategy Areas or established Urban Renewal areas. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The sum of $200,000 is hereby appropriated for the program year starting July 7, 1980 (Program Year 1980). This appropriation is to be administered by the Division of Community Development, as set forth below: PROGRAM CD -80 -603 COMMUNITY DEVELOPMENT PROGRAM Purpose Amount Low - Interest Loan Fund for Commercial and Residential Rehabilitation $200,000 TOTAL: $200,000 SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 1st READING PUBLIC HEAPING 2nd READING NOT APPROVED REFERRED PASSED I' /d -8- 9Z I- Ion -Fs'I la -Z- 1 Member of the Common Council �.. D C 3 1980 Gan! mon 010 CLEM(, SOUTH EERJD, PH).