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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – January 8, 2026 <br /> <br />Page | 6 <br /> <br />EDC statute forgivable loan to 466 Works to build new housing on the <br />Southeast Side. Similar to the earlier appropriation for Intend Indiana, <br />this request is for an annual appropriation supporting 466 Works in the <br />Southeast neighborhood. At the same time the Intend agreement was <br />approved by the RDC and Common Council, a similar agreement was <br />approved with 466 Works—a local nonprofit based in the Southeast <br />neighborhood. <br /> <br />Neighborhood Context <br />The Southeast neighborhood, developed mainly between the 1920s and <br />1940s, has lost about 50% of its population since 1960. Vacant lots are <br />widespread, reflecting decades of disinvestment. 466 Works has been <br />active in the area since 2014, building homes to restore housing stock. <br /> <br />Project Details <br />• Commitment to building 30 new single-family homes for sale on <br />vacant lots <br />• At least 12 homes affordable to households earning ≤120% AMI <br />• Total project cost: $8.78 million <br />o $3.5 million city subsidy via forgivable loan <br />• Maximum subsidy: $116,000 per home <br />• Agreement approved July 2024; completion expected December <br />2027 <br /> <br />Budget Request <br />• 2026 appropriation: $1.16 million (covers ~10 homes) <br />• Funding capped at $116,000 per home <br />• Similar to Intend, funds are released only after 466 Works submits an <br />annual action plan and is ready to break ground—ensuring immediate <br />construction once funds are disbursed <br /> <br />Progress to Date <br />• 5 homes completed and sold <br />• 11 homes under construction <br />• Ahead of schedule; likely to finish all 30 homes before 2027 <br /> <br />Impact <br />Recent photos show dramatic transformation—blocks that were vacant <br />in 2023 now feature multiple new homes, restoring vibrancy to the <br />Southeast neighborhood. <br /> <br />Sue Kesim thanked Mr. Molnar for the detailed information and Tina <br />Patton spoke in favor of the request. Ms. Kesim also asked about the <br />total inventory of vacancies and blighted properties and Mr. Molnar <br />stated that in 2012, a Vacant and Abandoned Housing Report was