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South Bend edevelopment Commission <br />Regular Meeting - July 27, 1990 <br />6. NEW BUSVESS (Cont.) <br />a. continuea... <br />Mr. Piasecki asked what the schedule was <br />for completion. Mrs. Kolata responded <br />that we do not expect to be done with <br />renovation until later in 1991. <br />Ms. Auburn asked about the possibility of <br />using a local homesteading program, <br />mod ed after the very successful federal <br />U Homesteading Program, to both <br />encourage home ownership and keep us out <br />of the very expensive rehab business. <br />Mrs Kolata responded that most of these <br />homes will require more rehab than is <br />feasible in the homesteading program. <br />She noted that the type of financing <br />being used to acquire these properties <br />does not allow resale for the life of the <br />borxi issue. Mrs. Kolata stated that we <br />will discuss the possibility of a local <br />hcmesteading program with the Bureau of <br />Mr. Leverman ca mented that the <br />hcmesteading program depends heavily on <br />the availability of Section 312 Loan <br />funcLs available to the recipient for the <br />rehab. The continued availability of <br />those funds in not certain. <br />Mrs Kolata noted that we had hoped that <br />these properties would be rehabilitated <br />privately, but they have not been. We <br />feel. it is time that we step in to keep <br />the Monroe Park neighborhood from <br />declining and to protect our previous <br />inv tment there. <br />Mr. Piasecki asked if these were all of <br />the properties we intended to acquire. <br />Mrs Kolata responded that there is one <br />more we are considering. <br />Mr. Piasecki stated that there are a <br />nuat er of others that are in bad <br />condition. Mrs. Kolata asked Mr. <br />Pia.c ecki to provide a list of the <br />Dror erties he thinks we should consider <br />-5- <br />