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South Bend Redevelopment Commission <br />Regular Meeting - August 20, 1993 <br />6. NEW BUSINESS (Cont.) <br />n. continued... <br />Ms. Richmond explained that this loan is <br />to Amy and Hugh York for $8,400.00 <br />The amount is the actual contractors bid <br />plus recording fees and a 6% <br />contingency. <br />Ms. Richmond noted that Amy York is <br />75 years old. Her husband is 84 years <br />old and in a wheel chair. Amy York has <br />three foster children whom she still cares <br />for. She receives income for their care. <br />The house is in immaculate condition. <br />The improvements are necessary <br />improvements, including remediation of <br />some code violations. The loan interest <br />rate is 6.87 %, which is market rate for <br />the term. The improvements do not <br />increase the value of the home. <br />Ms. Richmond noted that the <br />improvements have been approved by the <br />Design Review Committee. <br />Upon a motion by Mr. Sharp, seconded <br />by Mr. Piasecki and unanimously <br />carried, the Commission approved the <br />Loan in connection with the West <br />Washington Rehab Loan Program <br />through the Bureau of Housing for <br />property located at 1208 W. Napier. <br />o. Commission annroval requested for Loan <br />in connection with the West Washington <br />Loan Program through the Bureau of <br />Housing for property at 1026 W. <br />Jefferson Blvd. <br />-17- <br />COMMISSION APPROVED THE LOAN IN <br />CONNECTION WITH THE WEST <br />WASHINGTON REHAB LOAN PROGRAM <br />THROUGH THE BUREAU OF HOUSING FOR <br />PROPERTY LOCATED AT 1208 W. NAPIER <br />