DEAR FRIENDS,
Renters, homebuyers and homeowners who seek guidance from INHP are motivated to look to the future. In spite of current challenges and past experiences, their determination pushes them forward to accomplish their goal of increased housing stability today and every day ahead.
2020 was an unparalleled year for INHP, and we drew inspiration and understanding from the individuals and households keeping their goals in focus. They emboldened us to continue looking toward the future with confidence, data and skill — standing side-by-side with the Indianapolis community — to create access to stable, equitable and affordable housing now and for generations to come.
Thank you for supporting our mission and believing in the future of Marion County’s resilient families and neighborhoods.
Moira Carlstedt
President and CEO
RESPONDING THROUGH A PANDEMIC:
WE’RE HERE TO HELP YOU STAY ON TRACK
We carried this message into the community throughout 2020, never wavering in purpose and program delivery. For more than 30 years, INHP has been a trusted homeownership resource, and we remained committed to helping current and future homeowners navigate and stay on track towards their homeownership goals.
A record number of clients returned for post-purchase advising, emergency budgeting, and resources posted to a special crisis webpage.
We created a liquidity loan program and COVID-19 impact grants for community partners that were operationally adjusting to continue serving people who needed and desired affordable, stable housing.
To understand the potential impact of COVID-19 on evictions and foreclosures in Marion County, we commissioned research and shared the data with our community partners to help inform an emergency response for renters and homeowners.
Using federal CARES Act funding, the City of Indianapolis, Greater Indy Habitat for Humanity and INHP developed the Indy Mortgage Relief Program to administer three months of mortgage payment relief to homeowners affected by the pandemic.
KEY STRATEGY:
HOMEBUYER EDUCATION & ADVISING
INHP is committed to helping people with low and moderate incomes, who are disproportionately Black people and people of color, understand their homeownership potential and purchasing power.
EDUCATION AND ONE-ON-ONE ADVISING
We enabled clients to become knowledgeable consumers while preparing them to sustain their housing investment.
LOSS MITIGATION
We provided INHP mortgage holders post-purchase advising when life events happened so they could remain in the homes they worked hard to purchase.
- 185 families gained advice and financial strategies to help them navigate or avoid mortgage delinquency, especially as COVID-19 and other unplanned expenses affected their budgets.
- We built a robust webpage and shared knowledge with homeowners, homebuyers and renters throughout the pandemic.
Shortly after settling in their new home, COVID-19 threatened Shawn and Erinn's ability to maintain their mortgage. When Shawn lost his job, they sought help with INHP's post-purchase advisor. That support was critical to keeping their home and renewing their confidence as homeowners.
KEY STRATEGY:
HOME PURCHASE & HOME REPAIR LENDING
Equitable, innovative and responsible lending, through INHP and our private sector lending partners, provides people the power to choose where they want to live and how they want to finance their purchase or repairs.
CONSUMER LENDING
We provided qualified consumers access to affordable loan programs to purchase or repair a home.
DEMOGRAPHICS: INHP home purchase loans
*AMI = Area Median Income.
DEMOGRAPHICS: INHP home repair loans
*AMI = Area Median Income.
DEMOGRAPHICS: private sector loans
Local banks partner with INHP to offer competitive loan options, so we can offer our clients more mortgage options.
*AMI = Area Median Income.
THE MARKET EXPANDER
The median home sales price in Marion County reached $190,000 last year, which is out of reach for many of the families INHP serves. In 2020, INHP secured a grant from the City of Indianapolis to pilot a new loan program that helps to address this challenge so buyers with low and moderate incomes can responsibly expand their purchasing power and compete in today's housing market.
The Market Expander pairs a below-market 20-year fixed rate first mortgage with a 0% interest second mortgage in which payments are deferred until years 21-30. It enables borrowers to:
- Access more housing options
- Access an affordable and sustainable loan
- Take advantage of the interest savings
- Increase the pace of equity/wealth accumulation
The program is exclusive to Marion County buyers earning a household income no more than 80% of the area median income.
EQUITABLE OPPORTUNITY
In July 2020, Moira participated in “A Conversation on Racial, Education, Economic and Health Inequality”, a panel presented by the Economic Club of Indiana.
RESEARCH-DRIVEN PROGRAMING
INHP commissioned research, Housing & Demographic Trends, observes various homeownership rates based on race and ethnicity.
KEY STRATEGY:
SINGLE- FAMILY HOUSING DEV.
As increasing home sale prices continue to create financial barriers for consumers, we’re developing homes that are priced affordably for qualified buyers in Marion County.
CONSTRUCTION PROGRESS
INHP continued to address the barrier of housing supply and changes in affordability with the construction of new, affordable single-family homes. Twelve of our homes completed construction, and 23 more were in process.
FUTURE CONSTRUCTION
INHP was invited to develop affordable homes in these neighborhoods beyond 2020.
| • Crown Hill | • Old Southside |
| • Mapleton-Fall Creek | • Riverside |
| • Norwood | • St. Clair Place |
NEW CONSTRUCTION
In partnership with the Crown Hill, Riverside and Old Southside neighborhoods, we invested in the construction or rehabilitation of 28 new, affordable single-family homes. These houses create new opportunities for buyers while helping neighborhoods reach their plans and goals. Check out floorplans from the Old Southside and Riverside neighborhood homes.
KEY STRATEGY:
LAND BANKING
We’re making targeted investments along rapid transit lines to preserve the opportunity for affordable housing.
ADDING MORE SITES AND INCREASING ACCESS
In 2020, we added two locations to our land bank of properties along rapid transit and frequent commuter routes — a total of 10. See the map to view all the Equitable Transit Oriented Development (ETOD) locations we have acquired.
Affordable housing along mass
transit lines can connect residents
to jobs, education, retail, cultural
amenities and health care.
ATTRACTING DEVELOPERS
Acquiring property is only one half of the work being done to carry out this strategy in the community. INHP also attracted for-profit and nonprofit developers that wanted to pursue the development of affordable multifamily housing. In 2020, eight of the 10 properties had purchase agreements in place with developers.
We hold each site until developers can prepare site plans, engage with the neighborhood, seek zoning changes as needed and prepare optimal financing.
KEY STRATEGY:
COMMUNITY LENDING
INHP supports neighborhood development and reinvestment opportunities by providing responsive and tailored community lending options that primarily yield the creation or preservation of affordable housing.
COMMUNITY LOANS
In 2020, we continued to offer a full range of affordable community development loans.
INHP IS A CDFI
As a U.S. Treasury certified Community Development Financial Institution (CDFI), INHP helps qualified nonprofits finance affordable housing initiatives. We provide construction financing, land loans, working capital and patient capital to support affordable housing development.
INHP’S ANNUAL COMMUNITY BREAKFAST
In 2020, our first virtual Community Breakfast featured our clients and spotlighted our partnership culture. As we guided viewers through our data on the state of affordable housing in Marion County, we also asked for audience participation through a game of “Higher or Lower!”
KEY STRATEGY:
GRANT- MAKING
Grounded in our partnership culture, we’re trusted with philanthropic funds to strategically deploy into the community to positively impact the supply of affordable homes and the capacity of participants in the affordable housing system.
REVENUE, GAINS & OTHER SUPPORT
EXPENSES & OTHER COSTS
