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South Bend Redevelopment Commission <br />Regular Meeting —September, 21 2007 <br />6. NEW BUSINESS (CONY.) <br />A. Tax Abatement <br />(1) continued,.. <br />abated, while $1.,371 in taxes will be paid <br />during the abatement years. After the five- <br />year al ater ent period, an additional $325 <br />per year in taxes should be collected., as the <br />value of the property is estimated. at $85,0004 <br />Habitat has received twelve previous tax <br />abatements. The property is properly zoned <br />for the proposed. use. The property is in the <br />Northeast Neighborhood Development Area, <br />a ta. x increment allocation area; therefore, the <br />abatement must : Cirst be approved by the <br />Redevelopment t Commission before going to <br />the Common Council. The project qualifies <br />for -years of residential tax abatement under <br />the tax abatement ordinance, <br />Ms. Schorsch noted that all of Habitat's <br />partner families sae between % and 50% <br />of median income for the county as <br />established annually by Ham. They are also <br />required to work 300 -400 hours on behalf of <br />Habitat, first on hones other than their oven, <br />finishing up the requirement on their own <br />home. They also attend a series of classes to <br />prepare there for home ownership. The <br />family who will purchase this dome is <br />married with one child and another on the <br />gay. They are first -time homeowners. <br />Habitat requests the tax abatement to help the <br />families make the transition from renter to <br />homeownership. <br />Ms. ones asked ifmost Habitat families are <br />first time homeowners. Ms. Schorsc <br />responded that most are. <br />4 <br />