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South Bend edevelopment Commission Rescheduled Regular Meeting - September 11, 1981 6. NEW BUSINESS (continued) g. continued... in this year, we will receive 10 certificates. We are committed to put in another $100,000 next year out of our 1982 money. That will allow us to re- ceive approval for a total of twenty (20) Section 8 Certificates. These certificates then can be issued to ligible parties occupying these structures and they wil receive the benefits associated with being declared rec pient of the certificate. The certificate enables the recipient to pay an amount equivalent to 25% of the r total income for rent. The balance is then paid by 4he Federal government through the Section 8 Program. Mr. T. Brooks Brademas has worked with us quite closely throughout the project and submitted a list of 15 houses that we recommend for approval. (We had two other in- dividuals submit quotations to us and one of them, Andrew Place, will receive funding for 10 units from another source, not utilizing the 312 loans themselves, but through a combination of our money. tJe'.wi l;l be') coming forward at a later date to the Commission.) We are asking Commission approval for Mr. Brademas' 15 units so that we can send the appropriate paperwork dowr State for approval. We will then have to complete somE additional paperwork and submit it to the HUD Was ington office no later than September 30. Mr. Brademas explained that his architects prepared the inf rmation on the 15 units. Presently title searches are in progress and we have an option -to- purchase on all of the properties. Mr. Brademas further explained that his organization will use an average of $25,000 on Each unit for rehabilitation work. They will put in 115,000 of their own money and will look for assis- tance from Community Development and Rehabilitation Pro rams for the additional money. Mr. Brademas stated that it should not take any longer than six months tot alto to renovate each house. Two of the units con- tall two apartments each, the rest are single - family dwellings. We have a responsibility, as part of this program, to insure that all of the existing tenants are properly rehoused. One of the thrusts of the program is to try to rehouse them in the same building or in the same neighborhood. We anticipate that the rent for a 3 or 4 bedroom house will be around $300 per month, with about $65 of that being allocated for utilities and the balance to cover maintenance and taxes and to pay