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South Bend Redevelopment Commission <br />Regular Meeting - May 2, 1997 <br />6. NEW BUSINESS (Cont.) <br />i. continued.... <br />property up to code. Ms. Kolata noted <br />that under the loan agreement at least <br />fifty percent of the units have to be <br />available to low and moderate income <br />families but that obligation is eliminated <br />once the loan is paid -off. Ms. Auburn <br />asked how many properties have had the <br />loans paid off. Ms. Kolata noted that <br />there aren't many that have had the loans <br />paid off. She noted that we are just <br />beginning to see a number of loans reach <br />the end of the ten year period. <br />Ms. Auburn requested monitoring <br />properties where a loan has been paid -off <br />to ensure that it is being kept up to code. <br />Upon a motion by Ms. Schwartz, <br />seconded by Ms. Auburn and <br />unanimously carried, the Commission <br />approved the Assignment of Federal <br />Rental Rehab Loan Agreement for <br />property located at 1128 -1130 <br />Lincolnway West. (Joseph MacHatton) <br />j. Commission approval requested for <br />Certificate of Waiver in connection <br />with Rental Rehab Loan Program for <br />property located at 1128 -1130 <br />Lincolnway West. (1988 -1989) <br />Ms. Kolata noted that the Certificate of <br />Waiver forgives $1,740.00 as of October <br />22, 1988 and 1989. <br />Upon a motion by Mr. Faccenda, <br />-22- <br />COMMISSION APPROVED THE ASSIGNMENT OF <br />FEDERAL RENTAL REHAB LOAN AGREEMENT <br />FOR PROPERTY LOCATED AT 1128 -1130 <br />LINCOLNWAY WEST. (JOSEPH MACHATTON) <br />