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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 7/21/25 <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br />SUBJECT: Purchase Agreement – South Bend Heritage <br />Foundation, Inc. – Southern Half of 4022 Old <br />Cleveland Road. <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Approval of a Purchase Agreement with South Bend Heritage Foundation, Inc. for the <br />southern half of the 4022 Old Cleveland Road parcel. <br />SPECIFICS: The proposed Purchase Agreement is for the southern half of the RDC-owned properties located at <br />4022 Old Cleveland Road. South Bend Heritage Foundation, Inc. is applying for low-income housing tax credits <br />with plans to construct income based, multi-family housing with a minimum of forty-two (42) housing units of <br />which ten (10) units shall be reserved for Permanent Supportive Housing (PSH). <br />The sale of the property will only proceed if the developer is awarded the low-income housing tax credits from <br />the Indiana Housing and Community Development Authority. Announcement of the awards of the housing tax <br />credits will occur in November 2025. The agreement includes a purchase price of $1,000 and a minimum <br />investment of $13.5 million dollars with a project completion of thirty (30) months after the Construction <br />Commencement Date if the housing credits are awarded to South Bend Heritage. <br />Construction of new quality affordable housing on currently vacant land will add necessary capacity to the area’s <br />affordable housing market, as well as providing quality supportive services on site. Staff recommends approval <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />July 24, 2025 <br />