HomeMy WebLinkAbout08.18.15_Mutual_Homes_GroundbreakingCITY OF SOUTH BEND
PETE BUTTIGIEG, MAYOR
Office of the Mayor
CONTACT:
Kara Kelly, (574) 235 -5853
kkelly @southbendin.gov
FOR RELEASE: Tuesday, August 18, 2015
GROUNDBREAKING CEREMONY SET FOR NEW CO -OP HOUSING DEVELOPMENT
Neighborhood Development Associates, South Bend Heritage Foundation, and Justus Property
Management will hold a groundbreaking ceremony for South Bend Mutual Homes, a new
residential development in South Bend's Lincoln Park Neighborhood on Thursday, August 20 at
10 am in the 900 block of Fuerbringer Street.
The Lincoln Park neighborhood will be revitalized with a new cooperative housing development
featuring 24 single - family homes on vacant lots in an area that has been a focus the city's Vacant
and Abandoned House initiative. Each new home will have two to four bedrooms, a full
basement, and a garage. Costs to residents are expected to range from $253 to $632 per month,
plus utilities.
"Pooling the members' resources leads to lower costs," says Anne Mannix of Neighborhood
Development Associates, "and that cooperative structure makes member ownership accessible to
more residents."
Funding for the project includes $479,996 per year for 10 years in tax credits from the Indiana
Housing Finance Authority and a $400,000 grant from the Federal Home Loan Bank of
Indianapolis. 1 st Source is the local sponsoring bank for the grant. The initiative is also funded
through the City of South Bend HOME funds and low- income housing tax - credit equity.
"This project has been recognized as one of most innovative in the state," says Mayor Pete
Buttigieg. "This quality, new affordable housing is a great example how empty lots can be
transformed into a healthy neighborhood again."
Bridges Out of Poverty, a nationally recognized program to move people out of poverty, will
provide support for residents and researchers from Indiana University South Bend will study the
effects of cooperative housing on the neighborhood.
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"Mutual Homes will help working families take charge of their own housing destiny," says
Marco Mariani, Executive Director of the South Bend Heritage Foundation. "And those families
will be the catalyst in the neighborhood revitalization."
For additional information, contact Anne Mannix, Neighborhood Development Associates at
574- 288 -4369 or Marco Mariani, South Bend Heritage Foundation at 289 -1066.