| An index to my thoughts might be useful! |
Explanation/Contents of
Page? |
| BEP
Using HHF Funds to Restructure IHCDA Demolition Loans |
HHF
= Hardest Hit Fund. Has been allocated to help owners fix up
their properties. 191.4 million dollars worth - for
homeowners. 75 mil comes from US Treasury to RESTRUCTURE
LOANS (aka refinance?) for blight elimination |
| PowerPoint
Slide from
877GetHope.Org\blight |
pg:12
A Program Partner is REQUIRED TO HOLD TITLE to ALL lots prior to
demolition. |
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Page
3 Shows a dilapidated blighted home with front porch roof detached
from home, covering front door. |
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p11.
If a redevelopment corporation is formed or gets involved, then
additional laws may apply. See IC 36-7-14-19-(b)-(1) |
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p18:
Submission of package does not guarantee award. Highest scoring
apps get priority; which is why EVERY SINGLE PROPERTY IN PLEASANT
RIDGE failed the SEM Matrix eval with scores so high! |
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p20:
What types of Structures are eligible for Demolition? One
qualification is that it is VACANT! Vacant! Note the
appraisals are based on "as vacant" as stated by Mr.
Biggs the appraisers - per someone's instructions. I sent
Mr. Biggs a few emails on 11/14 asking a variety of
questions. One was clarification of "vacant" and
this apparently, is IMPORTANT. |
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p21.
Eligibilty must be - among other things, "influenced by
public feedback from eight public forums" and I wonder if all
eight of these forums can be listed and dated? |
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An applicant may seek an exemption for a
property with an insufficient score if it allows
the community to complete an action or
development plan. |
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p24:
This would be the "Amount Applied For" on the big
spreadsheet.
The combined total of acquisition costs, demolition
costs and approved expenses for a structure without
a basement should not exceed $15,000.00.
The combined total of acquisition costs, demolition
costs, approved expenses, and property maintenance
fees for a structure with a basement may not exceed
$25,000.00.
$25,000 is the maximum award available for any one
structure under the terms of the BEP. |
| FUNDING |
A
demand note will be executed for every property for
which BEP funds are received. Each demand note will create a loan from IHCDAs General
Fund to cover the costs of acquisition, demolition and allowable expenses.
The demolition loan from IHCDA will then be modified and replaced with a secured note and mortgage in favor of
IHCDA for an amount not to exceed $25,000.00.
The modified loan will be structured as a zero percent,
non-amortizing loan, secured by a mortgage against the
residential real estate.
The loan modifications will have a limited term and
will expire on December 31, 2017 (Expiration Date).
Prior to the Expiration Date, loans will be forgiven at
a rate of 33.3% per annum as long as terms of the
BEP are met. The unforgiven balance of the loan will
be due on sale or transfer of the mortgaged property,
provided there are net proceeds from the sale or
transfer. The payoff amount, if any, will be provided
at the time of sale or transfer.
Demand Notes, loan modification agreements, and
any and all mortgages required by the terms of the
BEP must be executed by a Program Partner. |
| Demand
Note Requirements |
|
| Demand
Note Questions |
The
executed demand note shall be between GRANTOR = X; AND GRANTEE=
Y. Amount to finance: ZZZ, Loan will be forgiven at 1/3 per
year for 3 years; with an expiration of 12/31/2017; just over 3
yrs. If BEP terms AREN'T MET, then it gets more
complicated. |
|
Each applicant will submit a self-evaluation or
self-score on the designated Application
Evaluation Matrix.
IHCDA will then score the application using
the Application Evaluation Matrix.
An applicant may earn bonus points for
submitting a fully completed application on or before the deadline.
(Whoop dee doo - why not give them credit for signing their
name at the cartier replica sale
top too, while you're at it!)
Design and implementation of innovative
demolition concepts may also earn an
applicant bonus points.
If there is a distinction between the applicants self score and
IHCDAs score the application will be referred to the Advisory
Committee. |
|
APPLICANT
= CITY OF CHARLESTOWN |
|
PROGRAM
PARTNERS = NEACE, NEW HOPE, ???? |
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ADVISORY
COMMITTEE:
The following individuals will comprise the Advisory Committee:
Trish Lewis, Federal Home Loan Bank of Indianapolis
John Marron, Indiana University Public Policy Institute
Marsh Davis, Indiana Landmarks
Rachel McIntosh, Local Initiatives Support Corporation
Sarah Dillinger, Real Estate Attorney
Pat Gamble-Moore, IHCDA Board Member |
|
END
OF COMMENTARY ON THIS. END = PG 29 |
|
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| ADVISORY
COMMITTEE EMAILS |
Trish Lewis, Federal Home Loan Bank of Indianapolis
John Marron, Indiana University Public Policy Institute
Marsh Davis, Indiana Landmarks
Rachel McIntosh, Local Initiatives Support Corporation
Sarah Dillinger, Real Estate Attorney
Pat Gamble-Moore, IHCDA Board Member |
| OTHER IMPORTANT
EMAILS |
President
Barak Obama
Governor Mike Pence;
State Representative
Senator
EDITOR: Indianapolis StarCorporation
EDITOR: Louisville Courier-JournalSarah Dillinger, Real Estate Attorney
EDITOR: The Tribune (Seymour) Pat Gamble-Moore, IHCDA Board
EDITOR: Cincinnatti Newspaper? MemberJohn
Marron, Indiana University Public Policy Institute
Marsh Davis, Indiana Landmarks
Rachel McIntosh, Local Initiatives Support Corporation
Sarah Dillinger, Real Estate Attorney
Pat Gamble-Moore, IHCDA Board Member |
| EMAIL FORM
LETTERS |
SEND
TO ADVISORY COMMITTEE; LEGISLATORS; GOVERNOR. |
|
OWNER,
TENANT, LANDLORD, EDITOR OF LOCAL PAPER, LOUISVILLE
COURIER-JOURNAL, INDIANAPOLIS STAR, THE DAILY TRIBUNE (SEYMOUR
PAPER) |
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| As I
proceed thru all of this, it's clear that I've been somewhat
redundant in places. Sorry. All I can do is my best, and I'm
trying my best. |
As a REALTOR in Jackson County (nearby, NNW from Charlestown) I follow
sales and sheriff sales and have done so since 1993. Over the past
5+years, I've gotten progressively more disgusted watching banks legally
foreclose for replica watches sale pennies on the dollar, only to sell for even less; rather
than do the humane thing and work out a reduced mortgage for the suffering
owner. It's a long and despicable story, but my point is, I am really mad
that a govt entity is now trying to screw 350+ people out of a
neighborhood; essentially just because they think they can.
One
cannot stop a bank usually; but one can stop an over-reaching public
official. Here's my contribution towards that end.
As
Always - More
to Come!
I,
Steve Freeman, am a licensed and very independent real estate broker in
Indiana. I only work with rational human beings. I've been serving Jackson County Indiana exclusively
since 1995. In 2000 I earned the prestigious Jackson County REALTOR of the Year
Award. I am a member of the National Association of REALTORS (NAR); the Indiana
Association of REALTORS
(IAR); the Jackson County
Board of REALTORS Multiple Listing Service (MLS); Jackson County
Landlord Association; First United Methodist Church; Seymour Evening
Lions Club, and the National Rifle Association. CountyRealty.Com
is wholly owned by Steve Freeman 2000-INFINITY; All Rights
Reserved. CountyRealty is committed to the letter and spirit of the US
policy for replica watches uk the achievement of equal housing opportunity throughout the
nation. CountyRealty encourages and supports affirmative advertising and
marketing programs in which there are no barriers to obtaining housing
because of race, color, religion, sex, handicap, familial status or
national origin.
Steve
Freeman, Owner
1790 N Co Rd 180 E
Brownstown, IN 47220
Hm/Ofc: 812-358-8635
Cell: 812-528-0976
|
Steve Freeman
Broker-Owner, REALTOR
CountyRealty
1790 N County Road 180 E
Brownstown, IN 47220
812-358-8635
812-528-0976
Steve@CountyRealty.com
|