Real Property Transfer Agreement 723 W Wayne - South Bend Heritage Foundation

Home Browse Search

intorna: He ntu VJ shinck n• DC _022� OCT 2 2 1979 Southold Heritage Foundation, Inc. 620 [Jest Washington Ave. South Bend, Indiana 46601 Dear Applicant: Person to Contact:* . 1c= Pa-,, Oj Telephone NvMb5r; Ri-.r-i Popi . V E:EO:T:R:2-6 D t c- , lie have considered your application for recognition of exempt status from Federal income tax as an organization described in section 501(c)(3) of the Internal Revenue Code. The information presented indicates that you were incorporated on July 11, 1974, under the non-profit corporation laws of Indiana for charitable and educational purposes. In furtherance of these purposes you own, preserve, redevelop, improve, renovate, and maintain sites and stuctures of historical, architecturaland educational significance in St. Joseph County, Indiana. Your activities are primarily conducted in the West Washington Historic District in South Bend. This district is listed on the National Register for Historic Places. In carrying out your purposes a substantial part of your activities consist of either the acquisition and resale of historically significant properties, or the making of loans to owners of such propertiqs. Other activities, carried out in the same manner, consist of combatting community deteriora- tion by engaging in redevelopment and renovation of deteriorated housing. Your loans are of two varieties, either short term loans of one year or less, or long term loans. Some of the funds for these loans come from Community Development grants which stipulate the interest 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 at a rate of interest which is one percent below the current prime rate. Where you acquire historic structures you either rehabilitate and restore them yourself before you sell them or else sell them with the agreement that the buyer will rehabilitate and restore the structures. Whether you either buy the structure and resell it, or make a loan to owners of a structure in order for them to restore it, you place restrictive covenants or facade easements in the title to the property. These require that there be no alteration, demolition, addition, or other structural change to the structure, nor any change in materials used on the surface, and that no new 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 -There Federal funds are used the general public will be given access in accordance with existing Federal regulations.