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South Bend Redevelopment Commission <br />GRegular Meeting — November 5, 2004 <br />6. NEW BUSINESS (CONT.) <br />C. Housing <br />(2) Commission approval requested for <br />Loan and Grant in connection with the <br />South Bend Home Improvement <br />Program for property located at 1530 <br />W. Fisher Street. (Theresa Canarecci) <br />Mr. Inks noted that the amount of the <br />loan is $3,650. The grant is $7,500. <br />Mr. Hunt questioned the wisdom of our <br />making a loan to someone who will then <br />have a negative monthly income. Ms. <br />Greene noted that the staff who works <br />with each applicant follow a set of loan <br />guidelines consistent with HUD lending. <br />The Commission could approve the loan <br />subject to further discussion with staff. <br />Mr. Hunt indicated that he would like <br />staff to attend the Commission meeting <br />when there are loans that might raise <br />questions. <br />Mr. Inks noted that this applicant will not <br />have any additional monthly expense due <br />to this loan. Her monthly income was a <br />negative amount before our loan. There <br />are no monthly payments. The loan will <br />be repaid from her estate after she dies. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Faccenda and unanimously carried, <br />the Commission approved the Loan and <br />Grant in connection with the South Bend <br />Home Improvement Program for <br />property located at 1530 W. Fisher Street. <br />(Theresa Canarecci) <br />(S� 10 <br />COMMISSION APPROVED THE LOAN AND <br />GRANT IN CONNECTION WITH THE SOUTH <br />BEND HOME IMPROVEMENT PROGRAM FOR <br />PROPERTY LOCATED AT 1530 W. FISHER <br />STREET. (THERESA CANARECCI) <br />