INDIANAPOLIS — The Indianapolis Neighborhood Housing Partnership (INHP) recently received a $9 million New Markets Tax Credit (NMTC) meant to help build affordable single-family homes in Indianapolis.
The NMTC program is a process in which the federal government awards tax credits to community development groups. INHP received its first NMTC award in 2017 when it was allocated $5 million to build 29 affordable homes in the near east side Educators Village, the near west side's Riverside, and the near north side's Crown Hill neighborhood.
INHP has allocated its second federal NMTC award money to build a total of 40 homes, each priced at an affordable rate for individuals and families earning low and moderate incomes in Marion County. The homes will become available for occupancy on a rolling basis as the construction process begins this year.
“This award will help us continue to address the shortage of affordable homes for sale in Marion County,” Moira Carlstedt, the president and CEO of INHP, said. “We are excited to work alongside each neighborhood to create more opportunities for buyers with limited incomes to realize the benefits of long-term, successful homeownership and wealth-building.”
The homes being built with the $9 million credit will be in the Rivoli Park, Riverside, Crown Hill, Old Southside, Norwood (near Twin Aire), and Mapleton-Fall Creek neighborhoods.
According to INHP, many of the homes will be sold to buyers earning up to 80% of the area's median income, and some up to 120%.
As homes become available for purchase, they will be listed on the MIBOR Broke Listing Cooperative website and INHP.org.