Construction on an Indianapolis housing initiative designed to entice first, second and third-year educators to live where they teach is underway. Plans for Teachers Village on the city's near east side call for 20 new and rehabilitated homes where Indianapolis Public Schools or Mayor Sponsored Charter Schools teachers can receive incentives to move in and live for at least five years.
The teacher must also meet income requirements and pay the down payment and mortgage on the property, but if approved, will receive a "significant" discount on the homes.
During a groundbreaking ceremony Tuesday, Mayor Joe Hogsett said "the Teachers' Village does more than improve this neighborhood today - it brings us one step closer to the promise of a better tomorrow. By incentivizing educators to establish roots in the community they serve, it is our hope that talented teachers look to Indianapolis not just as a place to put their passions to practice in the classroom, but as a place to call home."
Any qualified buyer could purchase a home, but only teachers meeting the criteria can receive the discount. The initiative is a collaboration among the Department of Metropolitan Development in Indianapolis, Near East Area Renewal and the Indianapolis Neighborhood Housing Partnership. The INHP has pledged $2.6 million toward the effort and the DMD is awaiting approval from the City Council on $500,000 in U.S. Department of Housing and Urban Development Community Development Block Grant funding.
By Ryan Collier Director of Investment Management, Bedel Financial Consulting Inc.
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