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c~ ~ c >> <br />To: Redevelopment Commission <br />From: Staff - Debrah Jennings, Property Manager <br />Subject: Mary Ann Roberts, 316 S. Scholum St. <br />Date: February 8, 2011 <br />In 2004, the Redevelopment Commission approved a South Bend Home Improvement (SBHIP) loan <br />for Ms. Mary Ann Roberts for her home at 316 S. Scholum St. The terms state the loan becomes due <br />and payable in full if the property is sold. <br />Ms. Roberts is an elderly woman currently residing in a nursing home. Real Services, Inc. has <br />become her legal guardian. Since Ms. Roberts no longer resides in the property, Real Services is <br />trying to sell the property. The property only appraised at $2,000.00 but is selling for $6,500.00. <br />The SBHIP loan balance is $5,169.00. As currently structured, after pay-off of the SBHIP loan and <br />all other closing cost Ms Roberts will owe $1,624.50 to the buyer. Ms. Roberts is very low income <br />and is not able to pay the $1,624.50. Therefore, Real Services is requesting $1,624.50 of the SBHIP <br />be forgiven for this unusual circumstance. <br />Because of Ms. Roberts's age and the value of the home, staff is requesting approval to reduce the <br />SBHIP pay-off balance by $1,624.50. The remaining loan balance of $3,544.50 will be paid to the <br />City at the sale of the property. These funds are CDBG program income. Ms. Roberts's out-of- <br />pocket expense and gain will be zero. <br />C:ADocuments and Settings\CPHIPPS\Local Settings\Temp1XP6RpwiseAwrrect memo.doc <br />