HomeMy WebLinkAbout6A8 Fund Appropriation (Affordable HomeMatters Lincoln Park) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
DAT E : 1/7/2025
FROM: Sarah Schaefer, Deputy Director, Community
Investment
SUBJECT: 2025 Fund Appropriation for Affordable
HomeMatters Lincoln Park
Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res.
* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the
authorization of the expenditure of such funds shall be void and of no effect.
PURPOSE OF REQUEST: Appropriation of $1.25 million in funding for the second year of the EDC statute
forgivable loan to build new housing in Lincoln Park.
SPECIFICS: Intend Indiana, through its Affordable HomeMatters Lincoln Park project, is building 92 new homes in
South Bend’s Lincoln Park neighborhood. The City is funding a portion of the construction costs through a $5
million EDC statute forgivable loan financed by TIF revenues. Per Section 2.2B of the Funding and
Reimbursement Agreement between the City and the Redevelopment Commission, approved in June 2024, the
Commission will consider annual appropriations of not more than $1.25 million for a five-year period to
reimburse the City for draws on the loan to finance a portion of construction costs for the project. The City is
requesting appropriation of the next $1.25 million to fund the second-year loan draw. Intend began construction
on 5 homes in 2024 and plans to build a minimum of 10 additional houses in 2025.
_________________________Pres/V-Pres
ATTEST: __________________Vice President
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
January 9, 2025