Columbus-based Cummins Inc. (NYSE: CMI) has awarded a more than $1 million grant to Renew Indianapolis help boost Black homeowner equity in a near northeast side neighborhood. The company says the funding will support a program designed to build generational wealth while addressing gentrification in historically Black neighborhoods.
Cummins says the grant will leverage funding for affordable housing through the city’s Lift Indy program. A year ago, the Martindale-Brightwood neighborhood was named a Lift Indy area, which allows for federal funding to revitalize the neighborhood.
The grant will be used to fund mortgages to low-income residents who are buying one of 12 newly-constructed homes that are being built on previously-vacant properties in the neighborhood. First-time homebuyers will receive homeownership counseling.
“Renew Indianapolis is proud to partner with Cummins to support the Martindale-Brightwood community vision for affordable housing,” Steven Meyer, chief executive officer of Renew Indianapolis, said in written remarks. “This generous investment from Cummins will help ensure that the neighborhood remains affordable and accessible to those who call it home.”
Construction of the homes is scheduled to begin this month with the first homes being available for purchase in the spring.
Barato Britt, CEO of the Edna Martin Christian Center in the Martindate-Brightwood neighborhood, says the grant serves as further indication that the neighborhood is worthy of significant investment.