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South Bend IRedevelopmnent Connnission <br />Regular Meting - July 14, 1989 <br />4. <br />10 <br />(Cont.) <br />29, 1989 <br />Mr. Ted Leverman <br />Assistant Director <br />Bureau of Housing <br />521 Eclipse Place <br />So4th Bend, IN 46628 <br />Ted: <br />.s is to advise you that, when we <br />. tially established the New Hope <br />.sing partnership, I was the 95% <br />Feral Partner and one of my business <br />:ociates was the other partner. New <br />e Housing Partnership initially <br />:laded some 25 housing units that we <br />sequently deeded over to the Housing <br />elopment Corporation as well as 23 <br />using units which we acquired and <br />tially upgraded with private funds and <br />which the State of Indiana, through <br />:ir housing program, has provided <br />tal assistance for eligible tenants. <br />Sui)sequently, after deeding the 25 units <br />in New Hope I to the Housing Developwmt <br />Corporation, we sold three more units to <br />a private party, leaving the balance of <br />20 units, for which the City (through the <br />evelopment Commission and the Bureau <br />of Housing) has approved Rehabilitation <br />In preparing the updated Title Policy, it <br />was found that, of five structures that <br />rexam in the New Hope group, four had <br />been titled directly to me and one had <br />been titled in the name of New Hope. <br />Thcxefore, on the recomy endation of my <br />the Title Cmpany, and the bank, <br />the one building titled in the name of <br />Nmf Hope Partnership was transferred to <br />me as I am the principal in the <br />pwtnership. Therefore, all of the units <br />nmr are titled in my name as sole <br />proprietor, and we have terminated the <br />Nmr Hope Partnership. <br />I Me <br />01 • '• :i'•• <br />:i' • • I• 1 g i • 1 k, Lem s 91 F.14 <br />• 1 Dim 1 •• <br />• • -�. / I I• 211 <br />