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South BOd Redevelopment Commission <br />Regular �beting - June 6, 1980 <br />6. NEW BUSINESS <br />i. continued..... <br />Amount Loan 'No. <br />Fran es L. Roberts $ 4,250.00 18/OW-0011/85/1 820 mond Ct. <br />Sout Bend, IN. 46617 <br />irs. Baumgartner: I think I should note <br />hat in comparison to previous years, <br />, ehabilitation loans are substantially higher. <br />here are a couple of reasons for that. Since <br />ur audit from HUD we found that we were not <br />ringing the structures up to code nor were <br />e bringing the accessory structures and yards <br />p to code standard. All of these have now <br />een included and therefore results in higher <br />oan prices. Also we are trying to refinance <br />omes where low - moderate income families <br />ould find themselves in a financially <br />ifficult position if the 312 loan payment <br />ere added to existing indebtedness. It is <br />ur hope that by refinancing the entire <br />mount (mortgage plus rehabilitation) that <br />e can obtain total rehabilitation in an <br />ffordable way. I think the only <br />aestion is where is the market value in <br />hese particular homes? The only thing I <br />an promise you concerning this is that <br />ur programs will not necessarily deal <br />ith market value. We are trying to <br />a.ke an impact on these people and on <br />he neighborhood. <br />. Butler: Mrs. Baumgartner, do these <br />11 relate to the items mentioned under <br />6a concerning bid tabulations? <br />Mrs. Baumgartner: Yes. <br />. Butler: The difference between the <br />1 an amounts and the contractor amounts <br />are going to be used for what? <br />Mrs. Baumgartner: Refinancing, also <br />related costs to rehabilitation. <br />.Ellison: Mrs. Baumgartner, some of these <br />loans have previously been through the <br />C mmission for approval. I presume that <br />y u have rescinded all the previous loan <br />• provals for anybody who is now seeking <br />• loan for the second time? <br />14 <br />