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South Bend development Commission <br />Regular Mee ing - December 21, 1979 <br />6. NEW BUSINESS <br />a. (continued) ... <br />Mr. Nimtz: What is the particular nucleus of <br />your group - is it a religious group, a neigh- <br />bor ood group, etc.? <br />Mr. Wilson: No, actually,. it is a partnership and <br />it reflects the broad base of participation among <br />financial institutions in the City of South Bend. A <br />nun er of departments are cooperating as well as <br />neii,rhborhood residents. <br />Mr. Cira: Is the house worth $19,369.13 or is it <br />a total estimated cost to renovate the house? Where <br />does the other $11,000 come from? <br />Mr. Wilson: We intend to make a "high risk" revolving <br />loan for a lower income family to take care of the <br />balance. <br />Mr. Robinson: The people who the house is being <br />renovated for, are they the people who are the <br />ten is now? <br />Mr. Wilson: The house at this point is not in <br />sha e for occupancy. As soon as the house is <br />reh bilitated to a point where someone can move <br />in, they will, in fact, become the owners of the <br />ho e, Right now NHS owns the property as it is <br />vac mt. <br />Mr. Donaldson: Their intentions are to renovate <br />the house and the people that you are referring <br />to now will go back into the house. <br />Mr. Wilson: Actually, they have never been in the <br />ho e. This is a new opportunity for them. The <br />house is now vacant, and as soon as a number of the <br />repairs are made, to a point where it can be occupied, <br />then the lower income family will buy the house from <br />NHS <br />Mr. Donaldson: Who determines who the lower income <br />family is? <br />Mr. Wilson: Neighborhood Housing Services of <br />South Bend, Inc., does based on the income, <br />family size, employment, etc. We have a loan <br />conkittee which has acted upon the loan request, <br />so it is not a matter of one person making the <br />decision. <br />