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South Bend Redevelopment Commission <br />Regular Meeting - July 19, 1996 <br />6. NEW BUSINESS (Cont.) <br />k. continued.... <br />six years with monthly payments of $93.05. <br />The grant is $6,338.75. <br />Mrs. Kolata noted that there are two different <br />construction companies doing the work. One is <br />doing the bulk of the work and the other is <br />doing the roof. They were separated out for <br />price reasons. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved the Loan and <br />Grant in connection with the Affordable Loan <br />Program for property located at 1017 Diamond. <br />(Louise Jones) <br />1. Commission approval requested for Loan in <br />connection with the Affordable Loan and <br />Program for property located at 1334 <br />Fassnacht. (Walter and Mary Smith) <br />Mrs. Kolata explained that the loan to Walter <br />and Mary Smith is in the amount of $10,200.00 <br />at 0 % interest and there are no payments. It is <br />a "due upon sale" loan. <br />Sandy Saunders explained that this is an option <br />for the elderly and handicapped only. If they <br />have the equity in their home and just do not <br />have the financial capacity to make payments. <br />Upon a motion by Mr. Hojnacki, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved the Loan in connection <br />with the Affordable Loan Program for property <br />located at 1334 Fassnacht. (Walter and Mary <br />Smith) <br />-13- <br />COMMISSION APPROVED THE LOAN AND <br />GRANT IN CONNECTION WITH THE <br />AFFORDABLE LOAN PROGRAM FOR PROPERTY <br />LOCATED AT 1017 DIAMOND (LOUISE JONES) <br />COMMISSION APPROVED THE LOAN IN <br />CONNECTION WITH THE AFFORDABLE LOAN <br />PROGRAM FOR PROPERTY LOCATED AT 1334 <br />FASSNACHT (WALTER AND MARY SMrM <br />