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South Bend edevelopment Commission <br />Regular Meeting - October 26, 1990 <br />6. NEW BUS124ESS (Cont.) <br />c. conzinuea... <br />Mr. Donoho stated that he didn't <br />understand why 422 College is $69,810.00. <br />That's approximately $18,000 a unit for a <br />one bedroom unit to rehab. <br />Mr. I Ted Leverman said they are going to <br />be duttim the whole unit. <br />Ms. Kolata stated that it will be 4 one <br />units. The rental that will be <br />Charged on them will be $125.00 a month <br />for a one bedroom unit. <br />Ms. Kolata stated that using the <br />Conuu.mity Development funds and using the <br />rental rehab funds which are forgiveable <br />cuts down what has to be repaid through <br />the private financing. This is <br />ad essing a segment of the market that <br />really is not well addressed. The HDC <br />will. have 4 one bedroom units very much <br />up to code, available at a very minimal <br />Mr. Piasecki said that we are going to <br />redevelop these and then move people in. <br />Are they going to be a Section 8 <br />1PrO ? . <br />Mr. Leverman said that they don't have to <br />be. <br />Mr. Piasecki said to try and get some <br />earned dollars into the property rather <br />thanhaving government money like Section <br />8. <br />Ms. Kolata stated that at $125.00 a lot <br />of people probably wouldn't need the <br />Section 8 subsidy. <br />-34- <br />