Endowment Continues Neighborhood Funding

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The Indianapolis Neighborhood Housing Partnership says a $6.3 million grant from Lilly Endowment Inc. will help breathe new life into areas in need of revitalization. INHP President Moira Carlstedt says the funding will increase neighborhood stability by supporting homebuyer education and foreclosure prevention services. She says while some vacant housing can be a good thing, an abundance can weigh down an entire neighborhood. The endowment has awarded more than $130 million to the partnership over the last 25 years.

January 21, 2014

News Release

Indianapolis, Ind. -- The Indianapolis Neighborhood Housing Partnership (INHP) was awarded a $6.3 million grant from Lilly Endowment Inc. This funding enables INHP to fulfill its mission to increase affordable and sustainable housing opportunities for individuals and families and serve as a catalyst for the development and revitalization of neighborhoods. Since 1988, the Endowment has awarded more than $130 million to INHP.

"The need for homebuyer education, mortgage and financial advising and affordable lending programs is as important today as when INHP was founded," said Moira Carlstedt, president of INHP. "With the Endowment’s support, and in conjunction with partners across the private, public and nonprofit sectors, we will continue to provide responsive and relevant resources to promote long-term, successful homeownership and effective neighborhood revitalization strategies.

In addition to INHP’s homeownership programs and services, the grant will support local foreclosure prevention services, assist neighborhood residents in the development and implementation of plans to enhance their communities, and provide program and operating capital for up to 12 neighborhood-based community development corporations. The grant will also fund research initiatives that guide the direction and focus of INHP’s programs and services. This research will offer important context to the community’s analysis, discussion and policy development regarding Indianapolis’ housing opportunities and neighborhood revitalization initiatives.

"The fulfillment of INHP's mission results in safer, more livable neighborhoods and an improved quality of life for Indianapolis residents," said Ace Yakey, vice president for community development at the Endowment. "The Endowment is pleased to support INHP, whose programs and services are uniquely positioned to provide real impact for Indianapolis by expanding homeownership opportunities and enhancing neighborhoods."

"We are grateful for Lilly Endowment's deep commitment to strengthening Indianapolis families and neighborhoods," said INHP board chair Al Smith, managing director of J.P. Morgan Private Bank and president, Chase in Central Indiana. "The Endowment's generosity and support has enabled INHP to provide important homeownership and community resources to Indianapolis residents and neighborhoods for 25 years."

About INHP

Established in 1988, the Indianapolis Neighborhood Housing Partnership (INHP) is the leading nonprofit homeownership resource in Marion County, Indiana dedicated to neighborhood revitalization and helping working families and individuals become and remain long-term, successful homeowners. INHP is a Community Development Financial Institution (CDFI) and partners with dozens of local, state and federal government agencies, community organizations, civic groups, banks and lending institutions and corporations to achieve its mission. The organization offers US Department of Housing and Urban Development (HUD) certified pre-purchase homeownership education and financial and mortgage advising as well as a variety of affordable mortgage, refinancing and home improvement loan options. As a trusted nonprofit, INHP has empowered thousands of homeowners to sustain their investment in their homes—ultimately helping to strengthen and encourage the growth of vibrant Indianapolis neighborhoods. For more information, visit www.inhp.org or call 317.610.HOME.

About Lilly Endowment Inc.

Lilly Endowment Inc. is an Indianapolis-based private philanthropic foundation created in 1937 by J.K. Lilly and his two sons, Eli and J.K. Jr., with gifts of stock in their pharmaceutical company. The Endowment is primarily committed to the causes of community development, education and religion.

Source: Indianapolis Neighborhood Housing Partnership