Laserfiche WebLink
South Bend edevelcpment commission <br />Regular Mee ing - September 28, 1990 <br />6. NEW BUSVMS (Cont.) <br />a. conrinuea... <br />on or a long time. The Rental Rehab is <br />the program that allows the development <br />of low income affordable housing and <br />guarantees that affordability for a 10 <br />y period. Historic Preservation tax <br />cr 'ts will be used for part of the <br />fin4mcing. The houses will see <br />sul4tantial changes on the outside. <br />Mr. IDonoho asked if they were rented <br />Mr. Luecke said 3 of the houses are <br />currently vacant. There are 17 units in <br />the structures. There will be 15 units <br />whai we are done. Two of the building <br />were burn outs. <br />Mr. <br />Mr. <br />Mr. <br />the <br />pro] <br />Piasecki asked about the letter from <br />Millikan. <br />Luecke stated that Mr. Millikan is <br />current owner of the property. The <br />)erties will be purchased from him. <br />Mrs Kolata said the the Rental Rehab <br />program requires South Bend Heritage to <br />own the property. This has to be <br />coupleted. by the end of September. <br />Mr. leverman said that we have to get the <br />app ication in by the end of the federal <br />fi year so that they can have it for <br />the x production numbers. We received a <br />grai it last May which was in part due to <br />thio project. <br />Mr. Luecke said that they were granted <br />tax credits by the Indiana Housing <br />Finmce Authority. That was part of what <br />has prolonged the process in getting that <br />app ication approved. Now that credits <br />are in hand, syndicators are calling us <br />instead of us having to call them. <br />