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South Bend edevelopment Commission Special Mee ing - November 12, 1991 6. NEW BUSINESS (Cont.) a. continuea... tted a deposit of 10* of their bid. Mr. Gibney explained the proposed project. South Bend Heritage has been working for two years to develop a plan for affordable housing for the 1200 block of West Washington. The project is an outgrowth of the comprehensive planning of the West Washington /Chapin Revitalization Project. They are proposing new construction, multi - family residential. There will be a total of 65 units in 29 buildings. There will be 36 two bedroom units, approximately 850 sq. feel:, and 29 three - bedroom units, approximately 1000 sq. ft. The design of the buildings will be compatible with the West Washington neighborhood with similar set - backs, side yards, front or side porches, etc. The buildings will have basements with app iance hook -ups. There will be off street parking. The total cost of the project will be $4,900,000. Since the project will use Low Income Housing Tax Credits, the project will target families with incomes at or below 60%- of the local median income. The tax credit program defines what the maximum rents can be and South Bend Heritage fee s that they can make the project work with lower rents than allowed. The housing will be available to Section 8 tenants, although it will not be exclusively for Section 8 tenants. The primary funding source for the project is the Low Income Housing Tax Credits. The project was awarded $5,000,000 in tax credits for 1991. They are in the process of selling those cre its and hope to raise $2,900,000 in equ ty investments. In addition, they rec ived $400,000 in Community Dev lopment Block Grant Funds; they have rec ived a $405,000 allocation from the .Aff rdable Housing Program; South Bend -3-