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Three Indianapolis neighborhoods to get 36 affordable rehabbed or new homes

3 Indy neighborhoods to get 36 affordable homes
3 Indy neighborhoods to get 36 affordable homes
Posted at 1:05 PM, Oct 28, 2017
and last updated 2017-10-28 13:05:32-04

INDIANAPOLIS -- Three neighborhoods in Indianapolis will receive dozens of affordable homes.

The Indianapolis Neighborhood Housing Partnership announced Friday it received a $5 million New Markets Tax Credit allocation to rehab abandoned housing or build new housing.

The plan is to offer 36 homes to low and moderate income families within three Marion County neighborhoods - Riverside, Crown Hill and St. Clair Place.

“In terms of transaction size, scope of partnerships and impact in the lives of people and the neighborhoods we serve, this is a historic transaction for INHP,” said Moira Carlstedt, President and CEO of INHP. “The NMTC program funds will provide the spark to ignite substantive change that aligns with the neighborhoods’ priorities.”

Some of the homes will be marketed to Indianapolis Public Schools and urban charter school teachers.

Within the Riverside neighborhood, a west side community supported by Flanner House, approximately six homes will be developed.

“Flanner House has a long history of creating pathways to equitable housing opportunity for residents of the northwest area, and we are honored to be partnering with INHP and BWI to continue the important work of supporting our community,” said Brandon Cosby, CEO of Flanner House.

The homes will be finished in 2018.

The federal government established the New Markets Tax Credit program in 2000 to encourage the investment of private capital in low income areas.

If you’re interested in affordable housing, you can contact INHP at (317) 610-4663 or click here.

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