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South Bend evelopment Coarnmission <br />Rescheduled Regular Meeting - November 17, 1989 <br />W <br />a. <br />ing Development HDC $54,000.00 <br />2391 LaPorte Ave. <br />Ms. Baumgartner explained that the <br />prcperty owner, George McKissick, asked <br />the Bureau of Housing/Housing Development <br />Co ration to renovate the units. He <br />caLld not afford to maintain the property <br />or rehabilitate it. The house at the <br />frc nt of the property has two units, is <br />vacant and has no utility service. He <br />liv es in a house on the back of the <br />prcperty and wishes to remain there. The <br />prc perty is located on a conspicuous <br />co#ier of the Orange - Colfax Connector. <br />The staff developed a creative solution <br />fox this problem property. The HDC has <br />accepted donation of the property and <br />granted a life estate to Mr. McKissick on <br />the portion he inhabits. The other home <br />on the property will be rehabilitated by <br />the HDC and the two units rented and used <br />to 3ay off the loan which will be <br />ed to Mr. McKissick for the <br />ren tion of his property. The portion <br />of Property on which Mr. McKissick lives <br />willl revert to the HDC upon his death. <br />Th is a barn on the property which <br />will be repaired and a garage which is of <br />no value and will be demolished. <br />The $54,000 Rental Rehab loan is for the <br />rehibilitation of the house at the front <br />of a property. Mr. McKissick will <br />ive a $24,000 revolving loan for the <br />rehibilitation of his residence and an <br />$8,P00 loan which is forgivable upon the <br />-8- <br />$14,000.00 (Public) <br />$40,000.00 (Private) <br />