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South Bed Redevelopment Commission <br />Regular Meeting - June 6, 1980 <br />b. NEW 3USINESS <br />i. ontinued...... <br />Mrs. Baumgartner: Roberta & Soledad Duron <br />s the only applicant. <br />Mr. Ellison: Did we at one time approve <br />loan for that particular applicant? <br />Mrs. Baumgartner: Yes we did. I believe <br />e loan was approved twice and each time <br />e realized that something was amiss on the <br />ome. However, the Duron's have been <br />aying on a loan for a year of which they <br />ave used no funds; so they have <br />ery good intentions. Their other loan has <br />of been cancelled to date. <br />Zr. Ellison: Are we really amending then <br />their previous loan? <br />Mrs. Baumgartner: No, it has a new loan <br />umber. We have the check in hand. <br />. Ellison: You have the proceeds from <br />he intial loan in escrow? <br />7rs. Baumgartner: Right. <br />1r. Ellison: Now, this application will be <br />sent to HUD and then what happens? Does <br />MD then release the difference? <br />Mrs. Baumgartner: We will have a cancel - <br />ation of the previous loan of $15,100. <br />We have to actually send the check of <br />15,100 back to HUD, have it cancelled <br />C. <br />long with the loan number and then we <br />either receive a check in hand for <br />26,950. <br />Mr. Ellison: Will the new loan change <br />e pay out amounts or the monthly pay- <br />ment, amounts for the family, and how do we <br />assure that the family obtains credit for <br />those amounts that have been paid under <br />he loan that they really didn't use? <br />How is that taken care of? <br />15 <br />