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South Bend Redevelopment Commission <br />Regular Meeting - August 15, 1997 <br />6. NEW BUSINESS (CONT.) <br />m. continued.... <br />$79,700. The cost of the house located at <br />808 W. LaSalle totaled approximately <br />$74,900. The total project cost totals <br />approximately $154,600. This project was <br />a further compliment to the South Bend <br />Heritage Foundation LaSalle Avenue <br />Project, which involved the acquisition <br />and substantial rehabilitation of ten <br />existing seriously substandard homes with <br />a subsequent sale at affordable prices to <br />low- income families. <br />The two new homes were sold using <br />subsidies offered by the Housing <br />Assistance Office and South Bend <br />Heritage Foundation of up to $22,000 <br />making them affordable to low- income <br />families. <br />A review of the tax abatement records <br />finds that South Bend Heritage has been <br />associated with several previous tax <br />abatements. South Bend Heritage <br />Foundation is in compliance with the <br />reporting requirements for the previous <br />abatements. A review of the tax <br />abatement maps finds that the properties <br />are located in the Residentially Distressed <br />Area, LaSalle Avenue - Chapin. A review <br />of the Redevelopment allocation areas <br />finds that the property is located in the <br />West Washington- Chapin Development <br />Area which is a Tax Incremental <br />Financing Allocation Area, therefore, the <br />tax abatement first requires the approval of <br />the South Bend Redevelopment <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\081597.MIN -14- <br />