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South Bend Redevelopment Commission <br />Regular Meeting - May 15, 1998 <br />5. OLD BUSINESS (CONT.) <br />b. continued.... <br />the site. The site is bounded by <br />Pennsylvania, Rush, Marietta and Wenger <br />Streets. The homes will be not less than <br />1,500 sf each, with up to 3 bedrooms, 2'/2 <br />baths, a full finished basement and a one <br />or two car garage. The sale price of each <br />home will be around $70,000, and the <br />homes will be available to low and <br />moderate income first time home buyers. <br />Qualified buyers will also be eligible for a <br />mortgage subsidy of between $15,000 and <br />$17,000 through the St. Joseph County <br />Housing Assistance Office. The total cost <br />of the homes is expected to exceed $1.4 <br />million (excluding land). <br />A review of tax abatements previously <br />granted finds that the Redevelopment <br />Commission has been a co- petitioner with <br />several other entities which have been <br />granted tax abatement. The other entities <br />are responsible for the compliance <br />reporting requirements for the previous <br />abatements. <br />American Home Dreams, Inc. has been <br />granted two previous tax abatements. The <br />first, a five year residential real property <br />abatement in May 1997, and the second, a <br />five year residential real property <br />abatement in August 1997. American <br />Home Dreams, Inc. is in compliance with <br />the reporting requirements for the previous <br />abatements. <br />The building commissioner has reviewed <br />-5- <br />