HomeMy WebLinkAbout5A1 Budget Request (NNN) - SignedSouth Bend
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227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
DATE. 2/11/2025
FROM
SUBJECT:
Funding Source*
Sarah Schaefer, Deputy Director, Community
Investment
Budget request for infill housing development
Pres/V-Pres
ATTEST, Secretary
Date: o_" - 903
APPROVED ❑ Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
River West; River East; South Side; Douglas Road; West Washi
* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by
authorization of the expenditure of such funds shall be void and of no effect.
iv. East Res.
Her, then the
PURPOSE OF REQUEST Budget request of $65,000 from Redevelopment Commission General Fund (Pokagon
Fund) to allow the Near Northwest Neighborhood Inc. (NNN) to complete an affordable, urban infill housing
project.
SPECIFICS: This budget request would provide $65,000 to the NNN for the construction of a single-family home
on 748 Harrison St. that will be sold to a household earning at or below 80 percent of Area Median Income. The
total cost to build the home is $426,100. The single-family home is part of a larger project that includes a duplex
and accessory dwelling unit, for a total of 4 units, at a total cost of $1,147,175. The project was awarded
$500,000 in funding from the Urban Enterprise Association (UEA) through the Sherman -Harrison Development
Request for Proposals. The goal of the RFP is to support the City's urban neighborhoods by introducing new
housing, improving quality of life, and promoting market potential to a broader audience. Following RFP award,
construction costs for the 4 units came in higher than anticipated, necessitating additional subsidy to close the
financing gap and make the project feasible.
EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
1400S County -City Building 227 W. Jefferson Bvld. South Bend, Indiana 46601 p 574.235.9371 ww"southbendin.gov