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South Bend edevelopment Commission <br />Special Mee ing - June 26, 1991 <br />2. NEW BUSZESS (Cont.) <br />a. conr-inuea... <br />Mrs Kolata responded that the need <br />for low /mod housing in St. Joseph <br />CoLuity probably has not been met. But <br />she questioned whether all of St. <br />Joseph County's low /mod income housing <br />hadl to be in Monroe Park. <br />Mr. Piasecki asked about the size of <br />his units. Mr. Matteo responded that <br />the two bedroom units would be <br />appraKimately 1050 -1100 sft. The <br />three bedroan units will be <br />amkoxinatelv 1200 -1250 sft. <br />Mr. McCalley responded that his <br />apartnmt units are approximately 850 <br />sft and the townhouse units are <br />approxinately 1000 sft. <br />Mrs Kolata asked Mr. Matteo who he <br />saw as his market for tenants. Mr. <br />Mat eo responded that he expected to <br />draw tenants fran young professionals <br />who work in downtown South Bend who <br />wouLd like to live closer to downtown <br />and pay less than they are presently <br />navLncr for rent in the suburban <br />Mrs. Kolata asked Mr. McCalley asked <br />about the rent structure for his <br />project: is $600 an affordable rent <br />for people whose income is 60% or <br />below median income? Is $600 the <br />that can be charged with the <br />use of tax credits? <br />Mr. McCalley responded that $600 is <br />the maximum that is set by the state <br />with the use of tax credits. His <br />exparience has shown that low /mod <br />income people will pay that amount for <br />Mr. Piasecki asked if Mr. McCalley <br />wouLd accept Section 8 certificates. <br />Mr. McCalley responded that he would. <br />