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South Bend 4edevelopment Commission <br />Regular Mee ing - July 11, 1980 <br />6. NEW BUS <br />a. Coma fission <br />-. <br />uested for the following Section 312 <br />Name Amount Loan No. <br />Jessie Richardson $16,550.00 18 /QMC- 0011/89/1 <br />1029 Burns Avenue <br />South Bend, IN. 46617 <br />Ms. Richmond: The Bureau of Housing is presenting <br />this loan for reapproval. It was approved at the <br />previous meeting, but when we received the mortgage <br />verification we found out that there was an <br />additional $500.00 owed; therefore, we ask for <br />the cancellation of the previous loan and the <br />anti oval of this one. <br />Mr. Ellison: Ms. Richmond you are saying <br />tha there is a $500.00 amount which is <br />nec ssary to pay off the old mortgage? <br />Ms.(Richmond: That is correct. <br />Mr. Ellison: I might say to the Commission <br />tha this has been a caste that the Bureau of <br />Housing has been involved with for one year. <br />It involves a young woman with small <br />children who was living with a relative <br />in unit which was in need of repairs. <br />The relative was about to lose the house <br />due to foreclosure, having only about <br />$1,500 to $1,800 indebtedness. Contact <br />was made with the lender and the lender <br />held off in foreclosing on the promise <br />that a 312 loan to take out the <br />indebtedness would be made, and that <br />the owner of the house would have it <br />repaired. I believe today that this <br />will. finally achieve this and will <br />allow the lender to not only receive <br />the balance of the mortgage payment <br />but will in fact allow the unit to <br />be fehabilitated. <br />Mr. " z: Mr. Butler, is it necessary <br />tha a motion include the recision of <br />the previous approval? <br />Mr. <br />the <br />Butler: No, just a motion to cover <br />increased amount. <br />14 <br />