SB Thrive: South Bend Heritage developing 54-unit affordable housing complex

 

SOUTH BEND, Ind.-- The City of South Bend is facing a housing shortage at all income levels, especially regarding affordable housing. South Bend Heritage is stepping in to provide an affordable option.

Fifty-four new units are on their way near McKinley Avenue and Hickory Road, called "SB Thrive," on land vacant since the city's founding.

South Bend Thrive has been in the works for a couple of years, first proposed in 2021, and is set to be complete in October 2025.

"The next year is going to be filled with hustling and getting this ready for 54 families to move in here and have a safe, comfortable place to call home," said Project Manager Rick Becker.

"South Bend Thrive is a completely new neighborhood, in partnership with the city, we've laid out new roads, all of the infrastructure," said South Bend Heritage Executive Director, Marco Mariani. "South Bend Thrive is sitting on a parcel of land that's been vacant since the founding of South Bend."

The South Bend Heritage Foundation is taking on its biggest project yet with this $15 million, 54-unit housing complex. It will consist of 18 buildings: nine duplexes, five townhomes, three six-plexes, and a community center.

"This is actually South Bend Heritage Foundation's largest financial development in history," Mariani said. "What is really special about it is this is our 50th anniversary year. So, for us to be doing a development of this magnitude in 2024 is really awesome."

The units are income-qualified and range from one to four bedrooms.

"A recent housing study in South Bend actually showed that we have a significant undersupply of affordable housing in our community," Mariani said. "So, rents here at South Bend Thrive are going to be anywhere from the $850 to the $1300 a month range. That's for one bedroom all the way up to a four."

The City of South Bend and First Source Bank are financial partners, and the project is possible by a State of Indiana Rental Housing Tax Credit, Mariani said. Helping build the complex are 25 local sub-contractors, suppliers, and designers.

Tenants can hopefully start moving in this time next year.

"Here at South Bend Thrive, South Bend Heritage is owner, developer and property manager," Mariani said. We're going to do the full scope of development."

Not only that, he said they are also the general contractor, the only not-for-profit general contractor in the state.

Mariani said the development is National Green Building Standard Silver, so the units will include energy-efficient appliances.

Plus, thirteen units are reserved for young mothers transitioning out of the neighboring Youth Service Bureau's shelter.

Mariani said the application process for tenants should start in the first quarter of next year.