~ South Bend, June 16, 2026 - The City of South Bend has announced a major partnership with L+M Development Partners to revitalize and preserve the Beacon Heights Apartments. This comprehensive effort, which will involve a multi-million-dollar renovation, aims to improve living conditions and ensure long-term affordability for residents.

The planned redevelopment will include the full renovation of all existing housing units on the property. This approach, known as "renovation in place," will allow current residents to remain in their homes during construction. This decision reflects the city's commitment to housing stability while also delivering significant improvements to this vital community asset.

Mayor James Mueller expressed his enthusiasm for the project, stating that it demonstrates South Bend's dedication to investing in underserved neighborhoods and preserving quality, affordable housing while prioritizing the needs of residents. He also highlighted the benefits of completing the work as a renovation in place, which will provide families with modernized, safe, and comfortable living environments.

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Under the proposed agreement, L+M Development Partners will be responsible for completing the full renovation of all existing units. They will also seek Low-Income Housing Tax Credits (LIHTC) to ensure long-term affordability and maintain ownership of the property for at least fifteen years.

To support this project's feasibility, the City of South Bend will provide $1.25 million in financing through a loan that may be forgiven upon successful completion and fulfillment of investment commitments. Additionally, a long-term Payment in Lieu of Taxes (PILOT) structure will be established. The agreement includes performance benchmarks such as biannual compliance reporting, minimum investment requirements, and financial safeguards to protect public funds.

Construction is expected to begin by the end of this summer and is anticipated to be completed by June 30, 2030. L+M Development Partners is part of L+M Companies, which has a track record of overseeing over 63,000 apartments' construction and rehabilitation nationwide, including 2,700 in the Midwest. With a strong commitment to preserving affordable housing, L+M actively engages residents, communities, and partners to deliver thoughtful, community-driven revitalization.

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