HomeMy WebLinkAboutDCI Western Ave Transformation District FILEDFiled in Clerk's Office JUN 2 3 ""'"'" :. . .. r.:ULO BictncLl Tirado City Clerk, South Bend, IN
"O s:: Q)
o:l
-5
;:::I
0
C/j i:::::s
1+-1 t::: 0 i:::::s c=-a
·-t::: u._
Western Avenue Transformation District (WATD) • Redevelopment of former dilapidated public housing developments on southwest edge of downtown South Bend ownea by the HASB • Will create 210 mixed-income housing units • Collaboration between the Housing Authority of South Bend, the City of South Bend, and the Community Foundation of St. Joseph County • Developer: The Michaels Organization & HASB • TMO National affordable housing developer with extensive experience w/partnerships with flousing authorities • TMO Awarded project through competitive RFP process through HASB • Funding includes Lilly Endowment award thro~gb the Community Foundation of St. Joseph County..;_ READI 2.o-1 HUD Section 108 loan; and LI HTC credits; Private equity; Loca Partners t,;:} Cit~ of South Bend ~\/'t;:i· Indiana
TimelineTo Date • Multi-year process A City of South Bend \9 Indiana • Fall 2023 Monroe Circle Demolished • August 2024 -Neighborhood Visioning meetings • December 2024 -READi Blight Award • August 2025 -Community Feedback meeting • January 2026 ~ Former Rabbi Shulman apartment demolished • February 2026 -LI HTC credits awarded • May 2026 -City awarded $10M HUD Section 108 loan for infrastructure {applied Sept. 2025)
Phase ta • 156 total units • 48 Affordable Under 50% AMI • Household of 2 ppl, $35k • Household of 4 ppl, $44k • 62 Affordable Under 60% AMI • Household of 2 ppl $42k • Household of 4 ppl $52k • 46 Unrestricted Units • All of the 30% AMI and 50% AMI (75 total units) will receive Project Based Vouchers • TMO will work off waitlist provided by the Housing Authority • Former residents will have priority for the PBV units if they desire to return j~\,. City of South Bend '~ .. _:~/' Indiana Phase tb • 54 total units • 11 Affordable 30% AMI • 16 Affordable 50% AM I • 12 Affordable 60% AM I • 15 Unrestricted Units
• Phase 1a: 156 units, park space, child-care services • $26.7M Private Investment (LIHTC, private equity) • $19.1M State Grants • $10M HUD Section 108 loan (used by City for infrastructure) • $3.4M Local Partners • Total: $59.2M investment t"-\ Cit~ of South Bend c\_,,~_ •• Indiana
LIHTC Projects Awarded-South Bend City Limits • 10! Awards since 2022 (0 previous 10+ years) • Advantix Development • SB Thrive • Monreaux • Diamond View • Birge & Held • KCG Development • Tri Day • WATD • LaSalle Park Homes • Combination of local partnership and outside resources (~.-~~ ..• ~.~1\l .. J Cit~ of South Bend ¾-~·· Indiana 111!1;_..,-:,,~
\ '
' ' \
\
_, ... ,''"'\1
~ "
~., . :f,.
f/J)\\\)
Western Ave Transformation District • All new construction • Streetscape improvements increasing connection with DTSB • On site childcare/daycare center • New park space s-~\, City of South Bend 1 ,~ ) I d' ?'\;~;~-~ n zana ~~
Bill 31-26 • Pl LOT to support Phase 1a project • Owner -Western Avenue 1, LLC • Partnership entity between Housing Authority of SB & The Michaels Organization • For Phase 1a • 156-unit commitment 1s-~\ City of South Bend '-j) Indiana
Bill 31-26 • Property owner pays the City a negotiated amount instead of paying traditional property taxes • Similar to a tax abatement except that a Pl LOT agreement clearly defines the amount of "taxes" the owner will pay; provides certainty to the property owner • Supports affordable housing while still ensuring the City receives revenue during the property's LI HTC period • Revenues from a Pl LOT must be deposited into an Affordable Housing Fund • State Code establishes Pl LOT payments must be deposited in such a fund ,~~Ji, Cit~ of South Bend ~,'t;:"' Indiana ~..,
• Constructs new quality affordable housing for HASB block • Leverages different sources for investment into South Bend affordable housing • Federal, State, Local, Private • City cannot do it alone • Quality urban design • PILOT and LIHTC allow greater protections to monitor property conditions which did not exist previously f~\ City of South Bend i,:,.·~/ Indiana
Timeline Moving Forward • Multi-year process 8 City of South Bend W Indiana ----··· ------------------------------• Summer/Fall 2026 City begins infrastructure work • Early 2027 TMO begins housing construction • Full construction complete EOY 2028