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02-15-08 Redevelopment Commission Minutes
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02-15-08 Redevelopment Commission Minutes
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2/29/2008 1:16:20 PM
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02-15-08 Redevelopment Commission Agenda
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South Bend Redevelopment Commission <br />Regular Meeting -February 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />the motion. The motion carried on a vote of <br />four to one with Mr. Peczkowski opposed. <br />B. Housing <br />(1) Commission approval requested for <br />Resolution No. 2439 regarding forgiveness <br />of a promissory note secured by a real <br />estate mortgage for the Historic Dunbar <br />Corner project. <br />Pamela Meyer noted that the Historic Dunbar <br />Corner project (HDCP) is a seven structure <br />project at the corner of Colfax and LaPorte <br />Streets. The Commission made a $112,500 <br />loan to South Bend Heritage Foundation in <br />1991 through the Rental Rehab Program to <br />assist in the rehab those homes. <br />The Rental Rehab program was a housing <br />assistance program of the Department of <br />Housing and Urban Development (HUD) <br />designed to allow for the forgiveness of loans <br />made over a ten year period if the property <br />was consistently made available to low and <br />moderate income individuals and was kept <br />free of code violations during that time. <br />The Historic Dunbar Corner project was a <br />historic tax credit project and was supported <br />by numerous external sources in addition to <br />the Rental Rehab loan. Due to the <br />constraints of the other financial support for <br />the project, the term of forgiveness was <br />altered to 15 years. The 15-year period of <br />the loan has transpired. The project remains <br />7 <br />
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