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South Bend Redevelopment Commission <br />Special Meeting - January 2, 1998 <br />APPROVAL OF CLAIMS (CONT.) <br />Upon a motion by Mr. Faccenda, seconded by COMMISSION APPROVED THE CLAIMS SUBMITTED <br />Mr. Donoho and unanimously carried, the JANUARY 2, 1998, AND ORDERED THE CHECKS TO <br />Commission approved the Claims submitted BE RELEASED <br />January 2, 1998, and ordered the checks to be <br />released. <br />4. COMMUNICATIONS <br />Mrs. Kolata noted that she received a <br />memorandum from Mary Beth Thompson of <br />the Bureau of Housing in response to Ms. <br />Schwartz's question at the last Commission <br />meeting regarding the "As Is" value and the <br />"After Rehab" value on the appraisal <br />information sheet. <br />Mrs. Kolata summarized Mary Beth <br />Thompson's memorandum. She noted that the <br />Bureau of Housing does not normally receive <br />appraisals if the Bureau of Housing loan will <br />be in a first position. She commented that if <br />the loan is in an amount significantly less than <br />the value of the property, the Bureau of <br />Housing does not order an appraisal when it's <br />in a first position. This also saves the home <br />owner an appraisal fee. They will order <br />appraisals in all other circumstances. <br />5. OLD BUSINESS <br />a. Commission approval requested for <br />Loan and Grant in connection with the <br />Affordable Loan Program for property <br />located at 229 E. Dubail. (Marcia <br />Reaves) <br />Mrs. Kolata stated that this is a home that <br />the Housing Development Corporation <br />F:\ HOME\ CPHWPS \WPDATA \COMMSN\010298.MIN -2- <br />