Recognizing the Need for a New Federal Income Tax credit to encourage the Rehabilitation of Historic Buildings

Home Browse Search

BILL NO. p� Q RESOLUTION NO. �( L /6 A RESOLUTION RECOGNIZING THE NEED FOR A NEW FEDERAL INCOME TAX CREDrr TO ENCOURAGE THE REHABILITATION OF HISTORIC BUILDINGS FOR HOMEOWNERS IN THE CITY OF SOUTH BEND, INDIANA AND URGING ENACTMENT BY CONGRESS OF THE "HISTORIC HOMEOWNERSHIP ASSISTANCE ACT". 'UU btrtos, the abandonment and destruction of older and historic buildings presents a growing threat to the public safety and the social and fiscal well being of the citizens of South Bend, Indiana; and MtrtaO, more than 235 houses have been caused to be demolished due to lack of maintenance investment in the City of South Bend, Indiana during the period from January 1, 1990 and December 31, 1994; and 'UVbtrt4g, there are not at present sufficient financial incentives to attract homeowners to rehabilitate older buildings in such struggling, distressed, declining, and threatened neighborhoods as West Washington and Chapin Park National Register Historic Districts: Riverside Drive, River Bend, Edgewater Place, and Lincolnway East Local Historic Districts; other eligible neighborhoods such as St. Adalbert Parish, St. Casimir Parish, Monroe Park, Rum Village, and Howard Park, and at isolated landmark buildings in other neighborhoods; and 'UU bl=as, a strong base of homeowners is essential to the civic and economic health of this community and its tax base; and WU trttl8, there has been introduced into the Congress the "Historic Homeownership Assistance Act" which would provide homeownership incentives for the rehabilitation of older buildings in historic districts through a Federal Historic Preservation Tax Credit for homeowners; and "D btrtgg, the City of South Bend, Indiana has established a Historic Preservation Commission with the capability of promoting and enabling the certification of such tax credits for the purpose of historic preservation; and 9 b9Vta(.g, the "Historic Homeownership Assistance Act" would stimulate the revival of decaying neighborhoods and the preservation of historic buildings and districts in the City of South Bend, Indiana through homeownership. Ado, tbertfort, bt it rtOOIDO by tbt common Coutxcil of the CUP of �&Utb 19=4, Vuhaug, as follows: SECTION I. The Common Council of the City of South Bend, Indiana supports, endorses, and encourages the prompt enactment of the "Historic Homeownership Assistance Act" by Congress. SECTION II. The Common Council requests the City Clerk to send a copy of this Resolution to the entire Congressional Delegation of the State of Indiana. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by th7;�2 u � r of moron Council `�tttSt: Irene K. Gammon, City Clerk PRESENTED 6-12 -95 NOT APPROYM ADOPTED 6-12-95 Toseph E. Kernan, MayorKernan, Mayor