25-52 Resolution Approving and Adopting the LaSalle Park Neighborhood Plan (Substitute)

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Housing Strategies A range of housing strategies will help ensure the LaSalle Park Neighborhood is a successful,diverse.mixed-income area. • Market Challenges Home Ownership 1;. . For the LaSalle Park neighborhood,the current cost of The study indicates that new-build for-sale units could The City of South Bend has several programs to assist constructing new housing is greater than the appraised have values in the range of$155,00o to$250,000.again first time homebuyers and current homeowners; value of the property once it is completed.This financial depending on the building format.Duplex houses or gap is a barrier to the financing and construction of attached cottages could be at the lower end of the • Certified First Time Home Buyer Education which required housing,especially market-rate units,in the area. price spectrum,while detached single-family houses s typically eq uired for most federal and state Additionally the high water table and soil conditions are more likely to be at the higher end of the range. housing assistance programs such as Habitat also impose higher construction costs in some areas of for Humanity and Community Homebuyers the neighborhood. The study further suggests that all of the new for- Corporation for home buyers whose Income does • lease units would be in multi-family structures,mainly not exceed 80%of the Area Median Income. A Residential Market Potential study completed for apartments or lofts.Some of the smaller units could the LaSalle Park area concludes that there could be also include a mix of accessory dwellings and small • South Bends Housing Counseling Agency offers the potential to add zg new for-rent units and 8 new cottages.which tend to be detached formats housing counseling and is open to all individuals in for-sale units,in any mix of detached houses,duplex need regardless of whether they are participating houses,and/or townhouses annually. Housing formats The study recommends that the City and developers in an assistance program.This includes both House on Sheridan Street were noted as a determining factor on values for both focus on parcels that provide the best visibility to foreclosure prevention counseling and for sale and for rent options.with attached and/or traffic for marketing and advertising exposures;and credit/budget counseling. larger multifamily buildings commanding a lower price locations that can help serve as catalysts for additional • point. The study also advised concentrating on infill reinvestment New housing placed in the right spots sites at a few important neighborhood nodes instead of can generate positive momentum for additional - a scattered approach. projects. Housing Repair and Quality v Housing repair assistance can allow neighborhood s s Assuming that local developers are successful in residents to stay in their homes.Code Enforcement , building for-sale units that appeal to movers they can can ensure that houses and their yards are kept in capture some households that otherwise would have acceptable condition;in particular.the City's Rental bypassed LaSalle Park as a potential place to live. • Safety Verification Program Code can assure a level of v c quality for rental housing units. :, v 80% 53% 53% During the planning process,participants stated that the need stated that absentee or stated the need forwere asked a series of questions about for repair of existing poor quality landlords more homeownership housing.Of those that responded... homes was an issue In were an issue In the was an issue in the Liberty Street vacant lot. the neighborhood neighborhood neighborhood