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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 /> with the South Bend Redevelopment <br /> 4 <br />