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South Bend Redevelopment Commission <br />Regular Meeting - October 16, 1998 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission approved the Loan and <br />Grant in connection with the Affordable <br />Loan Program for property at 1605 S. <br />Kemble St. (Velma Boskey) <br />d. Commission approval requested for <br />Loan and Grant in connection with the <br />Affordable Loan Program for property <br />at 668 W. LaPorte. (David Cowger) <br />Mrs. Kolata stated that the loan to David <br />Cowger is in the amount of $2,950 at 0% <br />with no monthly payments. The grant is in <br />the amount of $7,500. <br />She also stated that there is no repayment <br />provision in the loan document, other than <br />the "due upon sale" lien which is placed <br />on the property. <br />Mary Beth Thompson, of the Bureau of <br />Housing, stated that Mr. Cowger has <br />extremely low income. As a result of the <br />latter, Mr. Cowger qualifies for a repair <br />grant through the Bureau of Housing. The <br />repair grant covers only extremely poor, <br />basic items in the house. There is a limit <br />of $7,500 on the repair grant. If the <br />repairs exceed the repair grant's limit, then <br />the loan applicant is offered a "due upon <br />sale" lien for the amount over $7,500. The <br />loan and grant applicant is not required to <br />pay a monthly payment towards the <br />amount of the loan, since the applicant's <br />HAWPDATATOMMSM101698.MIN -7- <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN CONNECTION WITH THE AFFORDABLE LOAN <br />PROGRAM FOR PROPERTY AT 1605 S. KEMBLE ST. <br />(VELMA BOSKEY) <br />