6A1 Appropriation for 2026 Affordable HomeMatters (Intend) - Signed

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South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DAT E : 1/5/2025 FROM: Joseph Molnar, Assistant Director of Growth & Opportunity SUBJECT: 2026 Appropriation for Affordable HomeMatters Lincoln Park (Intend) 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 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. Intend has completed 7 homes with an additional 13 houses under construction. The City is requesting appropriation of the next $1.25 million to fund the third-year loan draw. The specific funding for each house will not be dispersed to Intend until proof of contract is provided throughout the year. Staff recommends approval. ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION January 8, 2026 