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South Bend Redevelopment Commission <br />Regular Meeting - April 18, 1997 <br />6. NEW BUSINESS (Cont.) <br />L continued.... <br />weight caused considerable damage to <br />the underlying wood and other <br />construction under the roof. She noted <br />that to do the repairs it would require <br />additional funds which totaled <br />approximately $5,346. Mary Beth <br />Thompson stated that she spoke with <br />Ms. Sanders and that she informed her <br />that her income increased only by <br />$12.00 a month. Ms. Thompson noted <br />that the repairs are necessary and that <br />the Bureau of Housing proposes to add <br />to the existing loan and give Ms. <br />Sanders a new loan. Ms. Sanders is <br />eligible for a 50% grant at 0% interest. <br />The loan will be extended from a <br />sixteen -year term to a twenty -year <br />term and increase her loan only by <br />$2.00 a month. Ms. Sanders has <br />agreed to the arrangements and is <br />willing to accept it. <br />Upon a motion by Mr. Faccenda, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />approved the Loan and Grant in <br />connection with the Affordable Loan <br />Program. (Lois A. Sanders) <br />g. Commission approval requested for <br />Resolution No. 1503 approving the <br />transfer of property to the City of <br />South Bend, Indiana. <br />Ms. Kolata noted that this Resolution <br />transfers three lots on East Broadway <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\041897.MIN -9- <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN CONNECTION WITH THE AFFORDABLE LOAN <br />PROGRAM. (LOIS A. SANDERS) <br />