HomeMy WebLinkAbout6A1 Appropriation for 2026 Affordable HomeMatters (Intend) - SignedSouth 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