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AHEPA Senior Living / News / MEDIA ADVISORY | South Bend Groundbreaking: $20M, 72-Unit Affordable Senior Housing | Oct. 10, 11 a.m.

September 30, 2024

MEDIA ADVISORY | South Bend Groundbreaking: $20M, 72-Unit Affordable Senior Housing | Oct. 10, 11 a.m.

MEDIA ADVISORY

 South Bend Groundbreaking | AHEPA 100 Phase II Senior Apartments | Thurs., Oct. 10, 11 a.m.

Leading nationwide provider of affordable multifamily housing for older adults to break ground on second South Bend community

What

  • AHEPA 100 Phase II Senior Apartments Groundbreaking
  • Three-story, 72-unit affordable senior living community administered by the U.S. Department of Housing and Urban Development (HUD) Section 202 Housing for the Elderly Program.

Who

  • AHEPA Senior Living, the development and management company
  • AHEPA 100-II, Inc., the property’s sponsoring entity and board of directors

Where

  • 53871 Generations Drive, South Bend

Why

“The need for affordable housing, especially for low-income seniors, is great. In South Bend, our Phase One community has a waitlist. We are excited and proud to help South Bend seniors who need safe and dignified housing with the addition of 72 units thanks to our financing partners and with the support we received from HUD and the Indiana Housing and Community Development Authority.”  –  AHEPA Senior Living President & CEO Steve Beck

 Media Availability

  • ASL Chairman of the Board Ike Gulas, ASL President & CEO Steve Beck
  • AHEPA 100-II, Inc., President Panos Niarchos, of Winona Lake

Onsite POC

  • ASL Director of Operations for Independent Living Sandra Dzankovic, 515.988.2285

 

Project Background

  • AHEPA 100 Phase II will be a three-story, 72-unit affordable senior living community located on 3.86 acres.
  • The project is financed at $20.457 million — comprised of a $7.3 million HUD Section 202 capital advance, $10.161 million in equity generated from the low-income housing tax credit program, and a permanent mortgage loan.
  • AHEPA Senior Living manages one other 50-unit HUD Section 202 community in South Bend, AHEPA 100 Apartments.
  • Section 202 residents are aged 62 and older with household incomes less than 50% of the area median income (AMI).

 

About AHEPA Senior Living

  • Serving more than 5,000 older adults across the United States, Fishers, Indiana-based AHEPA Senior Living is a mission-driven, nationwide provider of affordable independent senior and assisted living communities.
  • Since 1980, AHEPA Senior Living has developed and managed over 90 HUD Section 202 communities in 21 states. In March 2022, HUD Secretary Marcia Fudge visited AHEPA 29 Apartments in Houston, a historic first for AHEPA Senior Living.
  • The mission of AHEPA Senior Living is to provide older adults with safe, healthy, and enriching affordable residential communities and quality services that allow them to thrive and enjoy peace of mind.
  • Visit www.ahepaseniorliving.org