Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting — October 11, 2011 <br />4. COMMUNICATIONS <br />A. West Washington - Chapin Development Area <br />(1) Letter from South Bend Heritage <br />Foundation's Director, Marco Mariani, to <br />Redevelopment Commission President, <br />Marcia Jones <br />Mr. Schalliol noted that the Commission <br />received the following letter from South <br />Bend Heritage Foundation: <br />October 17, 2011 <br />Re: The Historic Rushton Apartments <br />Dear Commissioners, <br />South Bend Heritage Foundation (SBHF) and <br />Historic Landmarks Foundation of Indiana <br />are collaborating to acquire and rehabilitate <br />The Rushton into a 23 -unit rental housing <br />development for seniors. As developer and <br />owner, SBHF will form a new single -asset <br />entity to apply for Low Income Housing Tax <br />Credits (LIHTCs) by the November 1, 2011 <br />deadline established by the Indiana Housing <br />& Community Development Authority <br />(IHCDA). The project is proposed as a 23- <br />unit, $3.4 million (total development costs), <br />with $2.8 million in LIHTC equity and <br />$277,700 in Historic Tax Credits (HTCs). <br />Upon completion of the project in 2013, The <br />Historic Rushton Senior Apartments Limited <br />Partnership (LP) will be a wholly owned, <br />managed and operated subsidiary of South <br />Bend Heritage Foundation for no less than <br />fifteen (15) years. <br />We are respectfully requesting a partnership <br />4 <br />