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South Bend Redevelopment Commission <br />Regular Meeting— October 19, 2001 <br />6. NEW BUSINESS (CONT.) <br />n. Continued... <br />Mr. Inks noted that the loan is for $4,000, due <br />upon sale of property, with an interest rate of <br />0 %. The grant is for $7,500 <br />Mr. Hunt questioned the practice of loaning <br />money to an elderly person on an extended term. <br />Ms. Tomchak explained that the HDC cannot <br />discriminate on the basis of age. They <br />determine the discretionary income available <br />and assign the monthly payment accordingly. <br />The loan is a lien on the home, so when the <br />house is sold it will be paid off. <br />Upon a motion by Ms. Jones, seconded by Mr. <br />Caldwell and unanimously carried, the <br />Commission approved the Loan and Grant in <br />accordance with the Affordable Loan Program <br />for property located at 719 E. Haney Street. <br />(Willia M. Sanchez) <br />o. Commission approval requested for Loan <br />and Grant in accordance with the Affordable <br />Loan Program for property located at 1023 <br />Emerson Avenue. (Anna M. Harringer) <br />Mr. Inks noted that the loan is for $3,250 to be <br />repaid in the amount of $54.17 per month for 60 <br />months with an interest rate of 0 %. The grant is <br />for $3,074.50. <br />Upon a motion by Ms. Jones, seconded by Mr. <br />Caldwell and unanimously carried, the <br />Commission approved the Loan and Grant in <br />accordance with the Affordable Loan Program <br />for property located at 1023 Emerson Avenue. <br />(Anna M. Harringer) <br />22 <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN ACCORDANCE WITH THE AFFORDABLE LOAN <br />PROGRAM FOR PROPERTY LOCATED AT 719E. <br />HANEY STREET. (WILLIAM. SANCHEZ) <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN ACCORDANCE WITH THE AFFORDABLE LOAN <br />PROGRAM FOR PROPERTY LOCATED AT 1023 <br />EMERSON AVENUE. (ANNA M. HARRINGER) <br />