$14 million affordable housing development proposed in South Bend

 

UPDATE: The South Bend Common Council approved a $20 million loan, supporting the construction of 60 new apartments in South Bend, Monday. 

This construction, built on the former site of Fat Daddy's, is part of the Monreaux development project, which will include 46 income-based units, 14 market rate apartments, and a retail space. 

SOUTH BEND, Ind. - A $14 million affordable housing complex is under consideration in downtown South Bend.

The South Bend Common Council's Community Investment Committee will discuss a tax abatement proposal for a 60-unit, mixed-use development at 505 S Michigan St., during its meeting on Monday, August 22.

The property is currently a city-owned vacant lot, adjacent to the old Salvation Army building.

Under the current proposal, 78% of units would be set aside for lower income households. The rest would be market rate.

Once finished, the four-story development would create eight fulltime jobs.

The developer, Monreaux LLC, is asking for an eight-year property tax abatement, and is applying for state tax credits.