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South Bend <br />Redevelopment Commission <br />Rescheduled <br />Regular Meeting - December 20, 1891 <br />6. NEW BUSINESS <br />a. Commission <br />approval requested for <br />Subordination <br />Agreement with American <br />General <br />Financial Center Incorporated. <br />Mrs...Kolata <br />explained that the <br />Subordination <br />Agreement puts the City's <br />loan <br />in second position behind the <br />mortgage <br />being extended by American <br />General <br />Financial. It is our custom to <br />take <br />a subordinated position in similar <br />instances. <br />Uport <br />a motion by Mr. Faccenda, seconded <br />COMMISSION APPROVED THE <br />by 11r. <br />Combs and unanimously carried, the <br />SUBORDINATION AGREEMENT WITH <br />Commission <br />approved the Subordination <br />AMERICAN GENERAL FINANCIAL CENTER <br />Agreement <br />with American General Financial <br />INCORPORATED FOR PROPERTY LOCATED <br />Center <br />Incorporated for property located <br />AT 237 S. KALEY <br />at 237 <br />S. Kaley. <br />b. Commission <br />anproval requested for <br />Mr. Leverman explained that this <br />declaration is for a single family rental <br />property located at 826 Diamond. The low <br />inc..me housing tax credits are more <br />restrictive than the Rental Rehab Loan <br />Pro ram The property must be available <br />as, ow income housing for 15 years. <br />MWP ,'. `Kolata noted that the Commission has <br />already approved the Rental Rehab loan <br />°,end_ we, were aware that they planned to <br />use low income tax credits for the <br />project. This is a document required by <br />the program. <br />upork.A.motion by Mr. Combs, seconded by <br />:fir. Donoho and unanimously carried, the <br />'Coffa,iosion approved the Declaration of <br />';,Zxt_nded Low- Income Housing Commitment <br />for "826 Diamond. <br />C. ssi n approval recruested for <br />COMMISSION APPROVED THE <br />DECLARATION OF EXTENDED LOW- <br />INCOME HOUSING COMMITMENT FOR 826 <br />DIAMOND <br />