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South Bend Redevelopment Commission <br />IL Regular Meeting —January 17, 2003 <br />6. NEW BUSINESS <br />A. Housing <br />(1) continued... <br />Mr. Inks reported that the Subordination <br />Agreement is related to a mortgage executed <br />by Martin and Marie Oltman through the <br />Bureau of Housing. The Oltman's have <br />refinanced the mortgage at a lower interest <br />rate. The HDC was in second position on <br />the earlier mortgage and is willing to remain <br />in second position. The Commission, on <br />behalf of the Bureau of Housing, will be <br />agreeing to subordinate its interest in the <br />mortgage to Customs Mortgage in the not - <br />to- exceed amount of $14,550. The property <br />is Lot Numbered 633 of Belleveille Gardens, <br />Second Unit, an Addition to the City of <br />South Bend. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried the <br />Commission approved the Subordination <br />Agreement between the City of South Bend <br />on behalf of its Bureau of Housing and <br />Martin and Marie Oltman. (920 Fairway) <br />(2) Commission approval requested for <br />Certificate of Waiver for property located <br />at 313 E. Ewing in connection with the <br />Rental Rehab Program. (George G. <br />Athens) <br />Mr. Inks reported that under the Rental <br />Rehab loan program ten percent of the loan <br />is waived each year if the conditions of the <br />program are met. The dwelling has been <br />inspected by the Building Department and <br />all program conditions have been met. This <br />Certificate of Waiver forgives $990 as of <br />August 1, 2002. <br />4 <br />COMMISSION APPROVED THE SUBORDINATION <br />AGREEMENT BETWEEN THE CITY OF SOUTH <br />BEND ON BEHALF OF ITS BUREAU OF HOUSING <br />AND MARTIN AND MARIE OLTMAN. <br />(920 FAIRWAY) <br />