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South Bend Redevelopment Commission <br />Regular Meeting - October 3, 1997 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />(Timothy D. Hancz) <br />Mrs. Kolata stated that this Subordination <br />Agreement will allow the new purchasers <br />to subordinate the Rental Rehab loan to <br />their mortgage. The Rental Rehab loan was <br />in second position to Timothy Hancz's <br />mortgage also. <br />Mr. Faccenda asked Mrs. Kolata if Joseph <br />and Edgar Risinger are borrowing the <br />money from Timothy D. Hancz or a <br />mortgage company. Mrs. Kolata responded <br />that they are borrowing the money from a <br />mortgage company. <br />Upon a motion by Mr. Faccenda, seconded COMMISSION APPROVED THE RENTAL REHAB <br />by Ms. Schwartz and unanimously carried, SUBORDINATION AGREEMENT FOR PROPERTY <br />the Commission approved the Rental LOCATED AT 445 S. MEADE IN THE SAMPLE - <br />EWING DEVELOPMENT AREA <br />Rehab Subordination Agreement for <br />property located at 445 S. Meade in the <br />Sample -Ewing Development Area. <br />h. Commission approval requested for <br />Loan and Grant in connection with the <br />Affordable Loan Program for property <br />located at 1217 Academy. (John and <br />Virginia Robinson) <br />Mrs. Kolata stated that the loan to John and <br />Virginia Robinson is in the amount of <br />$4,700 at 4% interest for 6 years with <br />monthly payments of $73.53. The grant is <br />$1,936.44. <br />H:\HOME\CPHIPPS\WPDATA\COMMSM100397.MIN -11- <br />