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SECTION 2. Purpose. The Fund shall serve as a local,non-reverting fund which supports <br /> the purposes described in Indiana Code § 5-20-5-15.5(c), to: (i) provide financial assistance to <br /> those individuals and families whose income is at or below eighty percent (80%) of the county's <br /> median income for individuals and families,respectively, to enable those individuals and families <br /> to purchase or lease residential units within the City; (ii)pay expenses of administering the Fund; <br /> (iii) make grants, loans, and loan guarantees for the development, rehabilitation, or financing of <br /> affordable housing for individuals and families whose income is at or below eighty percent(80%) <br /> of the county's median income for individuals and families, respectively, including the elderly, <br /> persons with disabilities, and homeless individuals and families; and (iv) provide technical <br /> assistance to nonprofit developers of affordable housing. <br /> SECTION 3. Administration of the Fund. The Common Council hereby designates the <br /> Department to administer the Fund. The Department is hereby authorized and directed, on behalf <br /> of the Common Council, to notify the Indiana Housing and Community Development Authority <br /> of the creation of the Fund. The Controller of the City (the "Controller") shall keep records and <br /> monitor activities of all receipts into the Fund. The Controller shall invest the money in the Fund <br /> not currently needed to meet the obligations of the Fund in the same manner as other public funds <br /> may be invested. <br /> SECTION 4. Effectiveness. This Resolution shall be of full force and effect from and <br /> upon its adoption, and in accordance with Indiana law. <br /> PASSED, by the Common Council of the City of South Bend, Indiana, this 23rd day of <br /> March,2026. <br /> Canneth J. Lee, Council President <br /> South Bend Common Council <br /> Attest: <br /> Bianca L. Tirado,City Clerk <br /> Office of the City Clerk <br /> Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the <br /> City of South Bend, Indiana on the day of , 2026, at o'clock .m. <br /> 2 <br />