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a <br />ESS <br />Name Amount Loan No. <br />Karolyn Brooks $ 12,000 18 /SOU- 1/6/1 -76 <br />1616 S. Carlisle Street <br />John & Carolyn Bonk 12,000 18 /SOU- 1/6/1 -76 <br />517 E. Dubail Avenue <br />Joseph & Billie Wesley 7,450 18 /SOU- 2/8/1 -76 <br />226 E. Donald Street <br />Mary Ann Norman 10,000 18 /SOU- 1/9/1 -76 <br />1633 S. William Street <br />Mr. Keith P. Crighton, Director, Bureau of Housing, advised this <br />is the last of the Section 312 Loan Applications for money alloca- <br />ted this year as the deadline from HUD is Wednesday of next week, <br />August 11, 1976. These loans must be filed with HUD prior to <br />the deadline so the proper fund allocation is made. <br />Ms. Jeanne Derbeck, South Bend Tribune Reporter, raised various <br />questions on qualifications for getting the loans, whether it is <br />federal money, loans to be paid back, program to help low income <br />people, and whether there was any competition for the loans? <br />Mr. Crighton answered that these are actual loans to be paid back <br />at a low interest rate of 3% per annum; it is federal money; and <br />the applicants applying for these loans must actually reside in <br />the homestead neighborhoods- -the three (3) areas of town where <br />the Federal Government had determined that we were allowed the <br />homestead properties. Essentially, it is to act in unison with <br />the homestead program in assisting the other residents of the <br />homestead area who wish to rehabilitate their homes. It is a <br />program to assist persons who normally have had difficulty in <br />obtaining loans through normal procedures. He stated they had <br />approximately 40 applicants of which approximately 25 were ineli- <br />gible because they either had a faulty title or a poor credit <br />rating, or no income support for loan repayment. The above eight <br />(8) applicants, plus the one (1) approved in the last Commission <br />meeting, totalling nine (9), represent those persons who met the <br />deadline and submitted all the information in time for the pro- <br />cessing. <br />On the question asked by Mr. Louis Tutino, WNDU -TV Reporter, if <br />these people need to meet any financial levels, Mr. Crighton ad- <br />vised these loans are processed like a standard loan application <br />through a banking institution. We have to get property appraisals, <br />credit bureau reports, verification of employment, and for any <br />loans over $3,500 we have to get a title report and clear the <br />title if necessary. <br />- 5 - <br />