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South Bend Redevelopment Commission <br />Special Meeting - January 2, 1998 <br />5. OLD BUSINESS (CONT.) <br />a. continued.... <br />would like to sell to Marcia Reaves and in <br />connection with it is an Affordable Loan <br />request of $4,600 at 2 % with monthly <br />payments over 10 years. There is no grant <br />associated with the loan. <br />The Housing Development Corporation <br />has not given its final approval for sale of <br />the property, and the loan would not be <br />approved if the Housing Development <br />Corporation does not approve of the sale. <br />Mrs. Kolata assumed that the Housing <br />Development Corporation will have a <br />sales price amount and the Bureau of <br />Housing loan will be in the second <br />position, but she wasn't sure if that was <br />the case. <br />Ms. Schwartz commented that much of the <br />loan is for damages to the property <br />resulting from vandalism while it was <br />owned by the Housing Development <br />Corporation. She asked if the Housing <br />Development Corporation maintains <br />insurance on the properties owned by them <br />and why the insurance wasn't used to pay <br />for the repairs. <br />Mrs. Kolata noted that she wasn't sure <br />about that issue and that she would speak <br />with Mary Beth Thompson about this <br />issue and would report that information <br />back to the Commission. <br />F:\ HOME\ CPHIPPS \WPDATA \COMMSN\010298.MIN -3- <br />