HomeMy WebLinkAbout6C(1) Loan and Grant South Bend Home Improvement Loan Program~~~~
1200 CournY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46GO1-1H3O
PHONE 574/235-)371
FAx 574/235-9021
TDD 574/ 235-5567
CITY OF SOUTH BEND STEPHEN J. LUF.CKE, MAYOR
COMMUNITY ~ ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
EXECUTIVE ~IRECI'OR
May 21, 2010
To: Redevelopment Commissioners
From: Kaye Trowbridge, Community Development
RE: Type of Loan South Bend Home Improvement Program
Amount of Loan Request
Grant
Loan Client
Property Street Address
Property City, State, Zip Code
$3,900.00
$17,000.00
Eliza Boyd and Teresa Boyd
1207 W. Thomas Street
South Bend, IN 46601
We are submitting for your review and approval the above application. This transmittal includes
the following:
1. Final Application
2. Contractor's Bids- Tri-M Construction
3. Contractor's Bids- Gnoth Naragon
4. Agreement for Supervision
If you have any questions, please contact me at 235-9475.
APPROVED
Donald Inks
Director
Department of Redevelopment
COMMUNPTY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL HL PROGRAM
Penae~n C. Mevea DONALD E. Ini<s MANAGEMENT
574/235-9000 574/235-9371 EuzeaErri LeoNnR~
Enx: 574/235-9697 574/235-9371
1200 COUNTY"-CI"IY BUILDING
227 W. JEFFERSON BOC`LEVARD
SOUTH BEND, INDIANA 46601-I83O
1207 W. Thomas Street South Bend. IN 46601 64
Address City/State/Zip Age
CITY OF SOUTH BEND STF.PHF,N J. LUECKE, MAYOR
COMMUNITY ~ ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
EXECUTIVE DIRECTOR
Community Development
SOUTH BEND HOME IMPROVEMENT PROGRAM
Loan Application
Applicant's Name Eliza Bovd
Name
Co-Applicant's Name Teresa Bovd 627 Fourth Avenue Terre Haute, IN 47807 38
Name Address City/State/Zip Age
PLEASE NOTE: Hereafter Individual and joint applicants will be referred to as the "applicant".
Age of Dependents: _ _ _ _ _ Total Number of Dependents: 0
Rehabilitation Cost
PROJECTED LOAN TOTAL
A. Amount for Construction Work $18,855.33
B. Unexpected Costs (l0% of line lA) $1,885.50
C. Title Report, Recording Fees
Credit Report, Legal Fees, etc. $150.00
2
3
4
D. Amount of Mortgages Being Refinanced
E. TOTAL (sum of lines 1 A through 1 D)
Funds to be Furnished From Other Sources
A. Grant Funds To Be Furnished (SBHIP grant)
B. Other Funds To Be Furnished ( )
C. TOTAL (line 2A+2B)
Line 1 E Minus Line 2C
TOTAL AMOUNT OF APPLIED LOAN (line 3 rounded to the next highest $50)
Interest Rate Per Annum 0% Number of Months 0
Monthly Payments of Principal and Interest (Do not round)
Age of Structure Remaining Economic Life "As-Is" Value
1 E $20,890.83
$17,000.00
2C $17,000.00
3 $3,890.83
$3,900.00
$0.00
"After Rehab" Value
1. Total Gross Monthly Income
2. Monthly Housing Expense
3. Liabilities
4. Total Monthly Fixed Charges
5. TOTAL (lines 2, 3 & 4)
Balance (line l minus line 5)
TOTAL LOAN PAYMENTS
PxoNE574/235-9371
FAx 574/235-9021
TDD 574/ 235-5567
$317.42
$0.00
$218.70
$923.00
$536.12
$386.88
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL SL PROGILIM
('A ~AELA C. 1VI E}'FR DI~NA~'_C> E. INKS MANAGEMENT
574/235-661) 5]~}~Z 35-9371 ELIZA [S ETH LEONARD
FAx: 574/235-9097 574/235-9371
AGREEMENT FOR SUPERVISION OF REAL PROPERTY
REHABILITATION
This Agreement is entered into by and between the City of South Bend
Redevelopment Commission and Eliza Boyd Owner ,residing at 1207 W. Thomas
Street, South Bend, IN 46601 and Teresa Boyd residing at 627 Fourth Avenue, Terre
Haute, IN 47807.
1. Owner has entered into an agreement with City of South Bend-
Redevelopment Commission dated May 21, 2010 for a Home Improvement Loan in
the amount of Three Thousand Nine Hundred 8v 00 / 100 ($3,900.OOLto be used for the
sole purpose of rehabilitating the premises commonly 1207 W. Thomas, South Bend,
IN, 46601 and more full described as:
Lot 37 Commissioners Sub Div Bank Out Lots 85 & 86
2. Owner has entered into an Agreement for Rehabilitation of Real Property
dated with Tri-M Construction 8s Gnoth Nara~on (Contractor) for the
rehabilitation of said premise.
3. Owner 8s Commission hereby authorizes the Division of Community
Development to monitor and inspect the rehabilitation work, to approve or disapprove
Contractor's performance, to approve or disapprove proposed changes, to issue stop
work orders when Supervisor determines that such action is in the Owner's best
interest and to perform all other acts necessary to insure that Contractor fulfills its
obligations under the Agreement for Rehabilitation of Real Property, including all
terms and conditions thereof.
4. Owner 8s Commission hereby authorizes the Supervisor to disburse the
proceeds of Owner's Home Improvement Loan to pay the costs of rehabilitation
performed at the above described premises, pursuant to the Agreement for
Rehabilitation of Real Property. Disbursement of said loan proceeds shall be made
pursuant to the terms and conditions of said Agreement for Rehabilitation of Real
Property.
Executed this 21st day of Mav, 2010.
OWNER
City of South Bend
-Redevelopment Commission
Eliza Boyd
Teresa Boyd
STATE OF INDIANA )
SS:
ST. JOSEPH COUNTY )
Before me a Notary Public, personally appeared and
and acknowledge execution of the foregoing
agreement this 21St day of Mav, 2010.
Cheryl K. Phipps, Notary Public
Residing in St. Joseph
County, Indiana
My Commission Expires: January 7, 2015
STATE OF INDIANA )
SS:
ST. JOSEPH COUNTY )
Before me a Notary Public, personally appeared Eliza Boyd and Teresa Bound
acknowledge execution of the foregoing agreement this day of , 2010.
Kaye Trowbridge -Notary Public
Residing in St. Joseph
County, Indiana
My Commission Expires: February 6, 2016