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South Bend <br />�S <br />y r- r3 wi'h Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DATE. 2/11/2025 <br />FROM <br />SUBJECT: <br />Funding Source* <br />Sarah Schaefer, Deputy Director, Community <br />Investment <br />Budget request for infill housing development <br />Pres/V-Pres <br />ATTEST, Secretary <br />Date: o_" - 903 <br />APPROVED ❑ Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />River West; River East; South Side; Douglas Road; West Washi <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by <br />authorization of the expenditure of such funds shall be void and of no effect. <br />iv. East Res. <br />Her, then the <br />PURPOSE OF REQUEST Budget request of $65,000 from Redevelopment Commission General Fund (Pokagon <br />Fund) to allow the Near Northwest Neighborhood Inc. (NNN) to complete an affordable, urban infill housing <br />project. <br />SPECIFICS: This budget request would provide $65,000 to the NNN for the construction of a single-family home <br />on 748 Harrison St. that will be sold to a household earning at or below 80 percent of Area Median Income. The <br />total cost to build the home is $426,100. The single-family home is part of a larger project that includes a duplex <br />and accessory dwelling unit, for a total of 4 units, at a total cost of $1,147,175. The project was awarded <br />$500,000 in funding from the Urban Enterprise Association (UEA) through the Sherman -Harrison Development <br />Request for Proposals. The goal of the RFP is to support the City's urban neighborhoods by introducing new <br />housing, improving quality of life, and promoting market potential to a broader audience. Following RFP award, <br />construction costs for the 4 units came in higher than anticipated, necessitating additional subsidy to close the <br />financing gap and make the project feasible. <br />EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br />1400S County -City Building 227 W. Jefferson Bvld. South Bend, Indiana 46601 p 574.235.9371 ww"southbendin.gov <br />