The Indianapolis Neighborhood Housing Partnership (INHP) announced it has raised more than $12 million to bolster affordable housing initiatives across Marion County.
Partnering with local and national nonprofits and six financial institutions, INHP is using its role as a community development financial institution to address the growing need for affordable housing in the region.
“This extraordinary effort between INHP and generous local and national partners is as significant as it is timely,” said Gina Miller, INHP president and CEO. “These funds will greatly fulfill the need for more affordable housing options in Indianapolis while providing our neighborhoods with the tools they need to grow and thrive.”
INHP secured $10.765 million in low-cost capital to fund its 2024-2026 Strategic Plan. These funds will support home purchase lending, community lending and affordable housing development.
The funds were raised with five financial institutions, including First Internet Bank, First Merchants Bank, Lake City Bank, Old National Bank and The National Bank of Indianapolis. Leveraging the Federal Home Loan Bank of Indianapolis CDFI Rate Buydown Advance program, these banks offered INHP subsidized rates, allowing for greater impact in affordable housing strategies.
INHP received its fourth New Markets Tax Credit allocation to support the development of 20 homes for low — and moderate-income residents. Ten homes are planned for the Arnold Place townhome development in Reagan Park for households earning up to 80% of the area median income, and the remaining homes will serve buyers earning up to 120% of the AMI.
This allocation resulted in a $1.7 million net benefit, facilitated through partnerships with the Housing Partnership Network and Smith NMTC Associates.
Through FHLBank Indianapolis’ Community Multiplier program, INHP raised $325,000 to fund affordable housing programs, including case management for individuals exiting homelessness and expanded services for residents in affordable housing programs.
To learn more, visit INHP.org.
This reporting is made possible by a grant from the Indianapolis African-American Quality of Life Initiative, empowering our community with essential health insights. https://iaaqli.org/
Contact Health & Environmental Reporter Hanna Rauworth at 317-762-7854 or follow her on Instagram at @hanna.rauworth.
Hanna Rauworth is the Health & Environmental Reporter for the Indianapolis Recorder Newspaper, where she covers topics at the intersection of public health, environmental issues, and community impact. With a commitment to storytelling that informs and empowers, she strives to highlight the challenges and solutions shaping the well-being of Indianapolis residents.
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