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South Bend Redevelopment Commission <br />Regular Meeting –December 4, 2009 <br /> <br /> I. Other <br /> <br /> (3) continued… <br /> <br />CRN.2630 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AND AUTHORIZING THE EXECUTION <br />Ms. King and unanimously carried, the <br />MAA <br />OF A ASTER GENCY GREEMENT WITH THE <br />Commission approved Resolution No. 2630 <br />BPW2010 <br />OARD OF UBLIC ORKS RELATING TO <br />approving and authorizing the execution of a <br />P <br />ROJECTS <br />Master Agency Agreement with the Board of <br />Public Works relating to 2010 Projects. <br /> <br /> <br />7. PROGRESS REPORTS <br /> <br /> <br />PR <br />Mr. Inks noted that at a recent meeting there were <br />ROGRESS EPORTS <br />several loans from the South Bend Home Improvement <br />Loan Program (SBHIP). The Commissioners asked for <br />a presentation on the guidelines for the program. Kaye <br />Trowbridge is here today to make that presentation. <br /> <br />Ms. Trowbridge outlined the guidelines of the program. <br />The SBHIP makes it possible for low and moderate <br />income people to live in safe and affordable housing by <br />making repairs to their homes. It also aims to improve <br />and maintain the housing stock in the City of South <br />Bend. Examples of the types of repairs that can be <br />made are new roof and gutters, new furnace, new water <br />heater, plumbing, indoor electrical repairs and handicap <br />accessibility. <br /> <br />A household size of four cannot exceed $48,300 in <br />income to be eligible for the program. A household <br />with income of 65% or less of HUD median income <br />may receive up to a $17,000 grant for repairs. If the <br />repairs exceed $17,000 by no more than $5,000, the <br />additional cost will become a due-upon-sale loan. It <br />would be a 0% interest loan, payable when the home <br />owner moves out of the home or dies. With a household <br />income of 65.1% - 80% of HUD median income a home <br />owner may receive a 50/50 loan/grant combination. <br />50% of the cost of the repairs would be a grant, and 50% <br />plus fees would become a 0% loan to be paid back <br />monthly at an affordable monthly payment over 5 or 6 <br />years. <br /> 13 <br /> <br />