Affordable housing projects earn tax credits, bringing 114 new units to South Bend

 

Two major affordable housing projects in South Bend have earned state tax credits to help build 114 new units. 

The first project, SB Thrive, is a $14.5 million project planned for a currently-vacant lot at 3301 McKinley Ave, on the city's East side. South Bend Heritage Foundation submitted the tax credit application for SB Thrive to the Indiana Housing & Community Development Authority.

Once finished, it will include 54 income-based units. 

The Diamond View Apartments will sit across from Four Winds Field, on Lafayette Blvd. The tax credits will subsidize 60 affordable units.

The overall project, which is being developed by Indianapolis based RealAmerica LLC, will include 60 additional market rate units, and seven townhomes.

"We are thrilled Diamond View Apartments received funding after nearly two years of hard work. Our team is excited to start working on this development which will revitalize a key area of downtown South Bend," RealAmerica Developer & Owner Mike Surak told ABC57 News in an email. 

With Diamond View Apartments expected to cost $14.6 million to construct, the tax credits will help bring roughly $30 million of total investment to South Bend.