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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />financing, such as a 0% interest CDBG loan. <br />The project is expected to receive low <br />income tax credits, therefore a portion ( 40 % <br />- 50%) of the apartments will be reserved <br />for low to moderate income families. A <br />typical unit will have a modern kitchen with <br />appliances, central air conditioning, track <br />and indirect lighting, mini- blinds, elevators, <br />laundry facilities, and security locked <br />entrances with intercom entry systems. The <br />site will provide off - street parking for <br />residents and will be extensively landscaped. <br />The total project cost is estimated at <br />$3,195,000. <br />They expect approval of their low income <br />housing tax credit application in March <br />1993. Contingent on that approval, they <br />would close on the property in May, begin <br />construction in June 1993, and complete <br />construction in June 1994. <br />Mr. Rich Arneson noted that The Alexander <br />Company primarily does historic <br />renovations, completing over $60,000,000 of <br />historic renovations in the last five years. <br />Ms. Auburn asked about the size of the <br />units. Mr. Arneson responded that they <br />range from 750 square feet, one - bedroom <br />units to 1200 square feet, two- bedroom <br />:C.0 <br />