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�IIMC <br /> TI I l�: �IILI..II� I� �IORTG�IGI�: ('O�IT'�\�" <br /> A SUBSIOIARY OF THE MILLIKIN NATIONAL BANK OF DECATUR <br /> 3S7 NORTH MAIN STREET . DECATUR. ILLINOIS 62525 <br /> P. O. BOX 1029 • PHONE (217) 429-5445 <br /> March 10, 1982 <br /> Mr. Leslie Allen, City Manager <br /> City of Decatur <br /> One Civic Center Plaza <br /> Decatur, Illinois 62523 <br /> Dear Mr. Allen: <br /> Your help and cooperation is greatly needed in encouraging the City Council to <br /> act on an ordinance to change the income limits in the Mortgage Revenue Bond <br /> issue of November, 1978. It would have the approval of the Custodian of the issue. <br /> The maximum income limit was set at $40,000.00 for mortgagors in Section 4.08, <br /> Article IV of Sales and Service Agreement. Any prospective purchasers desiring <br /> or needing to assume a mortgage under the Bond program cannot do so if their <br /> combined income exceeds $40,000.00. <br /> Many Realtors, Brokers, and individual buyers have called us on the problem <br /> since our company, as servicing agents, handle the details for assuming mortgages <br /> under the Bond program. <br /> They point out that the availability of assuming the sellers low interest mortgage <br /> is most important. It constitutes a high percentage of Real Estate Sales that <br /> are being made in the present depressed market. <br /> The mortgages in the Bond program are very conducive and attractive for assumptions. <br /> The increase of the income limits to at least $50,000.00 would therefore increase <br /> the number of potential buyers. This would then be an important benefit not only <br /> to the business community, but also to the people of Decatur. <br /> The limit was established in 1978, an increase to at least $50,000.00 could be <br /> justified in view of the inflation rate to present. <br /> Thank you for your consideration and courtesies on our request. We will be pleased <br /> to furnish any further details or data that might be needed. <br /> Very truly yours, <br /> MILLI N MORTGAGE COMPANY <br /> � l. <br /> ; � � <br /> PJI/res � Paul J. Ivankovig <br /> President <br /> CC: Ernest Malone <br /> Millikin National Bank <br /> ="A • VA • CONVENTIONAL • COMMERCIAL • INDUSTRIAL <br />