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CITY OF SOUTH BEND I REDEVELOPMENT COMMISSION REGULAR MEETING - June 11, 2026 <br />successfully across most of its Midwest portfolio, with only rare <br />exceptions requiring full relocation. The phased model —renovating units <br />in about 10 days while providing temporary accommodations and <br />support —has generally worked well, with strong communication and <br />resident services helping minimize disruption. <br />Tina Patton asked, "will rent increase for current residents"? Ms. Cohen <br />stated, no. Rents will not increase. The property will remain under the <br />tax credit program and an existing Section 8 contract, requiring <br />residents to pay 30% of their income. This structure, along with state <br />and federal regulations, ensures affordability continues. <br />Matt Barrett noted that the Beacon Heights property has been <br />challenging in the past but emphasized the city's strong need for <br />affordable housing. With a roughly $1.25 million investment —about <br />$7,200 per unit —the deal appears highly favorable, and they expressed <br />hope it could be replicated if successful. <br />Sam Centellis and Hodge Patel spoke in favor of the project. Council <br />President Canneth Lee thanked the team for their investment, noting his <br />experience working in the Beacon Heights area, and asked what drew <br />them to the project and to South Bend. Sophie with L+M responded that <br />their recent project in Hammond, Indiana, and growing presence in the <br />Midwest led them to seek similar affordable housing opportunities, <br />making South Bend a natural next step. <br />President Relos inquired, "Will the Low -Income Housing Tax Credit <br />(LIHTC) award be confirmed before the development agreement, and <br />what is the timeline"? Mr. Molnar stated the project is expected to <br />receive the 4% tax credit award before the development agreement is <br />finalized. If not, the agreement will be contingent upon receiving the <br />award. The project is anticipated to return to the RDC in about a month <br />for further approval steps. <br />Upon a motion by Gillian Shaw for approval, seconded by Karen White, <br />the motion carried however, Commissioner Wax abstained from the <br />vote due to a conflict; the Commission approved Resolution No. 3672 as <br />presented on June 11, 2026. <br />3. First Amendment Purchase Agreement (The Row) <br />Erik Glavich, Director of Growth and Opportunity, presented items 5A3 <br />& 5A4 together. This minor amendment to a previously approved <br />purchase agreement and a new development agreement for the "Row at <br />Ward" project on Portage Avenue. <br />Page 15 <br />