Non Res Block Party - South Bend Heritage Foundation

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08=08-'17 15:06 FROM- South Bend Heritage 674-289-4550 T-318 P0005/0007 F-305 - - ., , Y'at1$u�ll�ltai. vl, .iVL.�.•+ • " f"arson to Contact: - - • Snut'ht)ld>:teritag® - Yc -,: Purt'.o�a . Foundation; inc. Telepho%jj tjj er: 620 vest Washington Ave. - South Bend, xndi.ava 46601. PQfV-'F PeJA to: EtEo.TeIs?-6 Dear Applicant: We have Considered your application for recogAit:i,on of exempt status from Federal income tax as an organization described in section 501(e)(3) of the Internal Revenue Code. Whe Information presented indicates that you were Incorporated on July lip 1974, under the non-profit corporation ZAWe of XAda.ana for charitable and educational purposes. In furtherance of these purposes you own, preserve, redevelop. improve, venovat:e, and ma:tritain sites and s tuctures of historical.} arcilitectural .aud 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'signifJeant properties, or the making of loans to owttra of such propertige. other activities, carrIed out in tale same manner, consist of combatting Community deterloxa-- ti,on by engoglag in redevelopment and renovation of deteriorated hous3.ng. Your Loans are of two varieties, either short term loans of one year or less, or long term loans. 54mo of the iunda for these loans e0me from Commttni.ty bevel.opment grants vhich stipulate the interest rate to be charged, based on Income and family rai.ze: Other loans are from funds you have received from a variety of sources.. These loans are offered at a rate of interest whi.Glt 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 rssVore the structures. Whether you either buy the structure and resell It, or make a loan to ownars of a structure In order for them to t6ot:ore it, you, place restrictive Covenants or facade easements i,Yn the title to the property. These requ,ixa that there be no alteration,* demolition, addition, or other structural, change to the structure, nor any change in materials 9sed on the surface, and that no new or different buildings or improve meurs bo constructed on the property. You additionally requixa that in the event; the purchaser wishes to dispose of the property you be given a right of first refusal.. Whore Federal funds are used the general public will be given acaeas in accordance w1th existing Federal regulations.