The Indianapolis Neighborhood Housing Partnership has announced plans to invest $5 million to rehab abandoned houses or build new housing in three Marion County neighborhoods. The organization says the funding, which comes from the New Markets Tax Credit program, will put three dozen new affordable homes on the market beginning in 2018.
The homes will be located in the Riverside, Crown Hill and St. Clair Place neighborhoods, which the organization says have been primed for reinvestment. The INHP says the homes will help stabilize each neighborhood’s housing market and remove neighborhood blight.
"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, chief executive officer of the INHP. "The NMTC program funds will provide the spark to ignite substantive change that aligns with the neighborhoods’ priorities."
The project is being facilitated by the Near North Development Corp., Near East Area Renewal, and Indianapolis-based BWI LLC. The NNDC already had plans to develop 12 homes in the Crown Hill neighborhood, but the INHP says the new funding will allow that number to rise to 22.
The riverside neighborhood will see six new homes developed. Near East Area Renewal, or NEAR, will also use some of the funding to develop the first 14 affordable houses that will make up The Teachers’ Village, a neighborhood that will be marketed to Indianapolis Public School and urban charter school teachers.
The INHP says an additional six homes will be developed after the first year of the project.
"The NMTC program plays an important role in a neighborhood’s revitalization and addresses Mayor Hogsett’s goal of bringing back to life the more than 2,000 abandoned houses in Indianapolis," said Carlstedt. "Homes located in a redeveloping area that are purchased and rehabbed increase the availability of safe, decent and affordable housing stock for families willing to invest in these neighborhoods."
The INHP says development plans for the three neighborhoods are currently underway.