INHP Completes Milestone 100th Affordable Home in Only Seven Years
Sights set on further quality-home development for families with limited incomes
INDIANAPOLIS (Dec. 4, 2024) – At a time when finding affordable housing can be especially difficult, the Indianapolis Neighborhood Housing Partnership® (INHP) has completed development of its 100th affordable home – a milestone only seven years in the making.
To celebrate this milestone 100th home, a formal ribbon cutting was held at the home, located at 3852 N. Audubon Road. At the event, INHP President and CEO Gina Miller and Chief Strategy Officer Joe Hanson recognized the organization’s development efforts and the partners who have had a critical role in INHP’s ability to reach this milestone. Emily Scott, administrator of community and economic development for the City of Indianapolis Department of Metropolitan Development, Greg Garrett, interim executive director for United Northeast Community Development Corporation, and City-County Councilor Keith Grave, district 9, also provided remarks to welcome the new home into the neighborhood and recognize the need for more affordable housing.
“This homemade, heartfelt home represents every INHP-developed home. Each is a partnership formed to help support families in achieving their dreams,” said Miller. “Working together with community development organizations, the City of Indianapolis, neighborhoods and the philanthropic community, we’ve been able to go from one to 100 and deliver exceptional homes for buyers with limited incomes.”
INHP had nearly 30 years of experience helping families navigate homeownership when it started developing homes in 2017. At the time, it recognized that a dwindling supply of homes in the market was quickly becoming a hard barrier to overcome for its clients, who earn up to 120% of the area median income (AMI).
According to recent data from MIBOR® REALTOR Association, the median sales prices has risen approximately $100,000 from June 2017 to June 2024. This sales price increase significantly impacts the number of affordable homes on the market[1]. In fact, active home listings considered affordable for homebuyers with low and moderate incomes – between $75,000 and $210,000 – have decreased by 56% since 2017[2], as well.
To be considered affordable, INHP’s homes are built and priced at market rate to avoid disturbing the appraised values of homes locally. Then, subsidy is applied at closing to help reduce the cost of the mortgage loan and make it affordable to buyers with limited incomes. The subsidy is often reserved for buyers earning up to a certain income limit. The Audubon home was restricted to those earning no more than 80% AMI, as determined by HUD[3].
“Approximately 50% of Marion County households earn less than 80% AMI,” said Miller. “The need for quality, affordable homes is great, and our experience, determination and strong partnerships allow us to put ‘home 200’ in our sights.”
Development history
From 2015 to 2020, INHP had stewarded a $26.6 million grant from Lilly Endowment, Inc. to increase affordable housing strategies in Marion County. This transformational effort worked in tangent with INHP receiving a $5 million New Markets Tax Credit (NMTC) allocation in 2017 for the housing development. That same year, INHP invested in the development of 29 homes in the neighborhoods of St. Clair Place, Crown Hill and Riverside. The success of the first NMTC helped INHP build organizational capacity and support more initiatives using federal capital. New partnerships were formed with neighborhoods, including the Old Southside Neighborhood and Norwood, where INHP either directly built, or invested in the construction of homes built by nonprofit developers.
In 2021, another $9 million NMTC allocation helped INHP develop 40 more homes, which added neighborhoods like Bates-Hendricks and Mapleton Fall-Creek. This momentum continued into 2023 and 2024, as INHP cultivated the resources and diverse talent to build more homes in the Near Eastside, Christian Park, Haughville and Westside neighborhoods.
The 100th home was built in association with the East 38th Street Corridor Lift Indy award from the City of Indianapolis Department of Metropolitan Development, through which INHP and United Northeast Community Development Corporation (UNEC) partnered to bring homeownership opportunities to the area. It is one of five homes planned on Audubon Road.
INHP will continue developing well beyond its 100th home. Most recently, this includes the development of Arnold Place, which is being funded through a third NMTC for $8 million and philanthropic investment from the Indy Community Development Entity, the City of Indianapolis Department of Metropolitan Development, the Indianapolis African American Quality of Life Initiative, and The National Bank of Indianapolis.
To help support development of INHP’s next 100 homes, visit www.inhp.org/100.
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About INHP
The Indianapolis Neighborhood Housing Partnership® (INHP) increases affordable and sustainable housing opportunities for individuals and families in Marion County, and serves as a catalyst for the development and revitalization of neighborhoods. INHP supports people by providing homebuyer and financial education, one-on-one homeownership advising, home purchase and home repair lending, and economic mobility programming for renters. As a Community Development Financial Institution (CDFI) INHP also supports the creation or preservation of affordable housing through investments in affordable housing development, land banking, community lending and grantmaking. For more information, visit INHP.org.
[1] MIBOR® REALTOR Association Marion County housing market data, June 2017-June 2024.
[2] MIBOR® data, 2017-2023. INHP serves clients whose households do not exceed 120% of the HUD Area Median Income (AMI) in Marion County. For example, income up to 120% AMI would not exceed $86,450 for a single-person household or $123,500 for a four-person household.
[3] Households up to 80% of the HUD Area Median Income (AMI) in Marion County do not exceed $57,650 a year for a single-person household or $82,300 a year for a four-person household.
