Indianapolis Neighborhood Housing Partnership

Indianapolis,
IN
(2021)

Indianapolis Neighborhood Housing Partnership

Community, Housing

Construction of approximately 40 homes in 7 highly distressed neighborhoods in Marion County that have been identified as tipping point neighborhoods with a large number of vacant or abandoned homes or lots.

Investment

NMTC Amount: $9,000,000
Total Project Cost: $10,800,000

IMPACT

48 construction jobs

CDEs

Housing Partnership Network

Investor

US Bank

Voices from the Community

Using a $5 million allocation, INHP was able to develop 29 affordable homes for sale to low and moderate income buyers in three neighborhoods. But for the NMTC equity, INHP would not have been able to
1. Support three neighborhoods-based strategies to spur private sector investment in disinvested neighborhoods.

2. Help pilot an Educator’s Village designed to attract first through third year teachers to establish residency in Indianapolis. This program strives to attract and retain teachers in the Indianapolis Public Schools or charter schools.

3. Encouraged participation by non-traditional and minority-owned builders in an effort to increase the capacity of the system to build affordable single-family homes.

-Rob Evans, Executive Vice President, Indianapolis Neighborhood Housing Partnership, Indianapolis, Indiana

Project Description

Continuing the work INHP did in 2017 with a $5M allocation from HPN, with a $9 million allocation, INHP plans to build approximately 40 homes in 7 highly distressed neighborhoods in Marion County that have been identified as “tipping point” neighborhoods with a large number of vacant or abandoned homes or lots. INHP is working or has worked in each neighborhood which includes the neighborhoods of Riverside, Crown Hill, Rivoli, Mapleton Fall Creek, Old Southside, Haughville and Twin Aire. At an estimated TDC of $210,000 each, INHP will sell these homes to persons with incomes up to 120% AMI for approximately $135,000 – for a total subsidy of $¬-75,000 per house. INHP will sell at least 20% of these homes to persons earning 80% AMI or less.

MAP

Address: 3550 North Washington Blvd, Indianapolis, IN 46205

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