2. Minutes 12/4/09 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting -December 4, 2009 I. Other (3) continued... Upon a motion by Mr. Downes, seconded by Ms. King and unanimously can-ied, the Commission approved Resolution No. 2630 approving and authorizing the execution of a Master Agency Agreement with the Board of Public Works relating to 2010 Projects. 7. PROGRESS REPORTS Mr. Inks noted that at a recent meeting there were several loans fi•om the South Bend Home hnprovement Loan Program (SBHIP). The Commissioners asked for a presentation on the guidelines for the program. Kaye Trowbridge is here today to make that presentation. Ms. Trowbridge outlined the guidelines of the program. The SBHIP makes it possible for low and moderate income people to live in safe and affordable housing by making repairs to their homes. It also aims to improve and maintain the housing stock in the City of South Bend. Examples of the types of repairs that can be made are new roof and gutters, new furnace, new water heater, plumbing, indoor electrical repairs and handicap accessibility. A household size of four cannot exceed $48.300 in income to be eligible for the program. A household with income of 65% or less of HUD median income may receive up to a $17,000 grant for repairs. If the repairs exceed $17,000 by no more than $5,000, the additional cost will become adue-upon-sale loan. It would be a 0% interest loan, payable when the home owner moves out of the home or dies. With a household income of 65.1 % - 80% of HUD median income a home owner may receive a 50/50 loan/grant combination. 50% of the cost of the repairs would be a grant, and 50% plus fees would become a 0% loan to be paid back monthly at an affordable monthly payment over 5 or 6 years. 13 COMMISSION APPROVED RESOLUTION NO. 2630 APPROVING AND AUTHORIZING THE EXECUTION OF A MASTER AGENCY AGREEMENT WITH THE BOARD OF PUBLIC WORKS RELATING TO 2010 PROJECTS PROGRESS REPORTS