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O�T}fRf, <br /> �5. <br /> • <br /> CITY OF SOUTH BEND <br /> z COVMUNITY INVESTMENT186.5 <br /> March 18, 2026 <br /> Filed in Clerk's Office <br /> Council Member Troy Warner <br /> Chairperson, Community Investment Committee Mar 18, 2026 <br /> South Bend Common Council <br /> South Bend City Hall, 3rd Floor Bianca l'radii <br /> South Bend, Indiana 46601 City Clerk South Bend, IN <br /> RE: Resolution: Establishment of the Affordable Housing Fund <br /> Dear Council Member Warner, <br /> Please find the enclosed Resolution of the South Bend Common Council establishing a local <br /> Affordable Housing Fund pursuant to Indiana Code § 5-20-5-15.5. The purpose of this Fund is <br /> to expand the City's ability to support the development, rehabilitation, and financing of <br /> affordable housing for South Bend residents whose incomes fall at or below eighty percent <br /> (80%)of the county's median income, as allowed under Indiana Code § 5-20-5-15.5(c). <br /> The creation of this Fund is in line with the Common Council's consideration of an ordinance <br /> requiring Heritage Trails South Bend, LP to make payments in lieu of taxes (PILOT Payments). <br /> In accordance with Indiana Code § 5-20-5-15.5, these PILOT Payments if the Heritage Trails <br /> ordinance is approved, and any future PILOT revenue received, will be deposited directly into <br /> the Affordable Housing Fund to support these statutory purposes. <br /> The Department of Community Investment is designated to administer the Fund, maintain <br /> required records, and notify the Indiana Housing and Community Development Authority of its <br /> creation, as detailed in the Resolution. The City Controller will invest Fund assets and monitor <br /> receipts consistent with state law and standard public financial practices. <br /> City staff will present this Resolution to the Community Investment Committee for consideration <br /> at your next regularly scheduled meeting. <br /> If you or other Council members have questions or need additional information, please feel free <br /> to contact me at(574) 245-6022. <br /> Sincerely, <br /> hl olnar <br /> Deputy Director, Department of Community Investment <br /> EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br /> South Bend City Hall,Suite 500 215 S Martin Luther King Jr.Blvd. South Bend.IN 46801 p 574.235.9371 www.southbendin goy <br />