5167-26 Resolution Establishing a Local Fund Pursuant to Indiana Code Section 5-20-5-15.5

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BILL NO. 26-10 RESOLUTION NO. 5167-26 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA ESTABLISHING A LOCAL FUND PURSUANT TO INDIANA CODE SECTION 5-20-5-15.5 WHEREAS, Indiana Code § 5-20-5-15.5 allows the governing body of a city, town, or county to establish an affordable housing fund consisting of, among other things,payments in lieu of taxes deposited in the fund under Indiana Code § 36-1-8-14.3, for certain purposes outlined in Indiana Code § 5-20-5-15.5(c), to be administered by a department, a division, or an agency designated by the governing body; and WHEREAS,the City of South Bend,Indiana(the"City")desires to establish an affordable housing fund(as defined herein,the"Fund")to be administered by the Department of Community Investment of the City (the"Department") for those purposes outlined in Indiana Code § 5-20-5- 15.5(c); and WHEREAS, on March 23, 2026, the Common Council of the City (the "Common Council") adopted an ordinance pursuant to Indiana Code § 36-1-8-14.3(e) (the "Ordinance"), requiring Heritage Trails South Bend,LP,to make payments in lieu of property taxes(the"PILOT Payments") payable for certain property in the City, all as further described in the Ordinance; and WHEREAS, in accordance with Indiana Code § 5-20-5-15.5, such PILOT Payments will be deposited into the Fund, together with any other future payments in lieu of taxes received by the City pursuant to Indiana Code § 36-1-8-14.3; and WHEREAS, the Common Council, as the governing body of the City, now desires to establish the Fund in accordance with Indiana Code § 5-20-5-15.5; NOW,THEREFORE,BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. Establishment of the Fund. The Common Council hereby establishes Fund Number 213 as an affordable housing fund pursuant to Indiana Code § 5-20-5-15.5 (the "Fund"), to be designated as a local, non-reverting fund. The Fund shall consist of the following: (i) payments in lieu of taxes deposited in the Fund under Indiana Code § 36-1-8-14.3; (ii) gifts and grants to the Fund; (iii) investment income earned on the Fund's assets; (iv) money deposited in the Fund under Indiana Code § 36-2-7-10; and (v) other funds from sources approved pursuant to Indiana Code § 5-20-5-15.5(b)(5). SECTION 2. Purpose. The Fund shall serve as a local,non-reverting fund which supports the purposes described in Indiana Code § 5-20-5-15.5(c), to: (i) provide financial assistance to those individuals and families whose income is at or below eighty percent (80%) of the county's median income for individuals and families, respectively, to enable those individuals and families to purchase or lease residential units within the City; (ii) pay expenses of administering the Fund; (iii) make grants, loans, and loan guarantees for the development, rehabilitation, or financing of affordable housing for individuals and families whose income is at or below eighty percent (80%) of the county's median income for individuals and families, respectively, including the elderly, persons with disabilities, and homeless individuals and families; and (iv) provide technical assistance to nonprofit developers of affordable housing. SECTION 3. Administration of the Fund. The Common Council hereby designates the Department to administer the Fund. The Department is hereby authorized and directed, on behalf of the Common Council, to notify the Indiana Housing and Community Development Authority of the creation of the Fund. The Controller of the City (the "Controller") shall keep records and monitor activities of all receipts into the Fund. The Controller shall invest the money in the Fund