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2019 ANNUAL REPORT

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Dear Friends,

The past few months of 2020 have reminded us that a person’s housing situation is one pillar to their economic and social well-being. Being able to afford the place you call home is essential to the choices you make, especially in times of need.

We examined affordability more than ever in 2019. Through research, we know the amount of housing cost burdened households in Marion County keeps rising while median home values continue to be out of reach for low- and moderate-income families. There is a critical need for education and more affordable housing options.

INHP is addressing these realities as a champion for affordable housing. We make data-driven decisions in partnership with the people and places we serve. We innovate to bring together the ideas, talents and resources of many and unify them under a common goal: To enhance the neighborhoods of our city.

Together, we are making our city a place we are proud to call home.


Moira Carlstedt
President and CEO

CREATING MORE SAFE AND AFFORDABLE HOUSING OPTIONS

PROVIDING PEOPLE THE POWER TO CHOOSE WHERE THEY WANT TO LIVE

The power to choose where you want to live is a powerful thing. Our key strategies are built upon that principle, informed by data and responsive to our community’s need. According to recent data, more than 31% of Marion County households are low- and moderate-income AND spend more than 30% of their income on housing. Even more, renters comprise 70% of those households. This reveals a housing cost-burden challenge, and one that has grown during the past few years.*
*Source: Greenstreet, LTD.

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Real estate market data reinforces that the affordable housing stock is not aligned with the demand. The number of homes that are available for sale that our families can afford has continued to decline. While 213 families finished INHP’s advising program in 2019, many of them found the cost of a home in a neighborhood that met their needs was more than they could afford.

KEY STRATEGIES

HOMEBUYER EDUCATION, ADVISING & LENDING

We provide comprehensive, practical, goal-driven direction that empowers people to remove credit barriers, explore the homebuying process, and select and close on an affordable home mortgage.

We offer post-purchase support to help families protect their investment long after they close on their home.

We also support current homeowners and promote neighborhood stabilization by providing low- and moderate-income people access to affordable loans to make home repairs.

COMMERCIAL LENDING

We provide financing that supports site acquisition, construction, bridge or permanent debt that primarily yields affordable housing.

DIRECT INVESTMENT

We develop affordable single-family homes, and we hold sites for strategic development or preservation of multifamily homes.

GRANTS

We provide grants to nonprofits dedicated to affordable housing preservation or development and neighborhood-based placemaking.

INHP's mission is to increase affordable and sustainable housing opportunities for individuals and families, and serve as a catalyst for the development and revitalization of neighborhoods.

KEY STRATEGY

HOMEBUYER EDUCATION, ADVISING & LENDING

INHP is committed to helping low- and moderate-income people understand their homeownership potential and purchasing power.

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HOMEOWNERSHIP DEVELOPMENT
We enable clients to become knowledgeable homebuyers while preparing them to sustain their investment.

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SINGLE-FAMILY LENDING
We provide qualified low- and moderate-income people access to loan programs to purchase or repair a home

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LENDING DEMOGRAPHICS:
WHO WE SERVED IN 2019

DEMOGRAPHICS: INHP home purchase loans

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*AMI = Area Median Income.

DEMOGRAPHICS: INHP home repair loans

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*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.

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*AMI = Area Median Income.

INHP’S ADVISING STAFF IS HUD CERTIFIED
Through our Homeownership Development team, we enable homebuyers to establish a healthy financial future and become educated and knowledgeable consumers. In 2019, every member of this team earned a HUD Certified Housing Counselor accreditation, ensuring our clients receive expert counsel.

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MORTGAGE ACCELERATOR PROGRAM
We know our low- to moderate-income clients are well-equipped to afford a traditional 30-year mortgage after completing our program. Shorter loan terms may cause payment shock or exceed their debt-to- income ratio. INHP designed a fixed-rate Mortgage Accelerator program that would give clients the option of a 20-year term. By significantly reducing the interest rate, we can offer a shorter repayment term without the corresponding increase in their principle and interest payment. This will help clients save tens of thousands of dollars and build wealth.

The program was piloted in 2019 to serve interested buyers in partner initiatives like Anchor Housing and our three New Markets Tax Credit neighborhoods where we built 29 new homes. After a successful pilot, we were awarded a U.S. Department of Treasury grant to make our Mortgage Accelerator program available across Marion County in 2020. We’ll be able to offer eligible homebuyers a 20-year fixed-rate mortgage loan with a payment that is nearly identical to a 30-year mortgage.

Recent graduate Kelly was able to navigate student loan debt and purchase her first home.

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Glen trusts INHP to be the additional resource he needs to help his clients achieve homeownership.

Bonnie worked with INHP’s rehab team to make repairs to the home she loves.

KEY STRATEGY

COMMERCIAL LENDING

INHP creates development and reinvestment opportunities by providing commercial lending options to help respond to each neighborhood’s unique needs.

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MORE CAPACITY, MORE FLEXIBILITY
Indianapolis’ neighborhoods have varied and unique plans for developing affordable housing. INHP continued to respond to community priorities in 2019 by offering a broader range of financing options.

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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. Below are a few of the organizations we closed commercial loans with in 2019.

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NWQOL
Holding
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ACHIEVING COMMUNITY BASED DEVELOPMENT ORGANIZATION STATUS
In 2019, INHP was granted CBDO status by the City of Indianapolis and the Indiana Housing & Community Development Authority. This recognition means we engage in community development activities that improve the physical, economic or social environment, with an emphasis on the needs of low- and moderate-income people.

WELCOMING RIVER FISH TO RIVERVIEW
In 2018, our investment in RiverView, a partnership with Strategic Capital Partners, LLC, and Goodwill of Central and Southern Indiana, helped bring over 200 workforce apartments to downtown Indianapolis. In 2019, new public art designed by University of Indianapolis faculty – River Fish – was installed in front of the apartments, giving homage to the local fishing culture. Moira was invited to help welcome the new cultural amenity to the neighborhood.

RENOVATIONS UNDERWAY TO SERVE AT-RISK NEIGHBORS
INHP helped finance Partners in Housing’s renovations for Blue Triangle and Mozingo Place apartments so they could continue to serve a critical population – very low-income people and those experiencing homelessness. Once complete, 72 housing units will be available in Indianapolis’ downtown and near east areas.

“With INHP’s support, we were able to keep these units affordable with minimal debt and continue to provide opportunity for our most vulnerable neighbors.”

Kait Schutz, Director of Real Estate Development for Partners in Housing

KEY STRATEGY

DIRECT INVESTMENT

INHP is creating opportunities for individual homeowners and neighborhoods with targeted investments across the city.

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AFFORDABLE HOUSING ALONG MASS TRANSIT LINES
In 2019 we officially announced our Equitable Transit-Oriented Development (ETOD) fund and purchased eight properties for future affordable housing opportunities near high-frequency transit routes. As properties are completed, residents will have easier access to jobs, healthcare, schools, and other Indianapolis amenities, and lower annual transportation costs.

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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.

SHARING OUR SUBJECT-MATTER EXPERTISE
Moira joined several of our partners — Big Car Collaborative, Near East Area Development and Eastern Star Church — for a panel presentation at Hamilton County’s HAND, Inc. affordable housing conference. She had the opportunity to talk about specific ways INHP has supported each organization in creating innovative affordable housing strategies in their respective neighborhoods.

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KEY STRATEGY

GRANTS

Because of our data-driven, partnership culture, we're trusted with philanthropic funds to strategically deploy into our community to positively impact the affordable housing system.

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INDI GRANTS

  • Greater Indianapolis Habitat for Humanity
  • King Park Development Corporation
  • Near Eastside Collaborative Partnership
  • Near North Development Corporation
  • Riley Area Development Corporation
  • Renew Indianapolis, Inc.
  • Southeast Neighborhood Development, Inc.
  • Westside Community Development Corporation

Read more about how we’re supporting local partners to enhance our community’s quality of life.

$900,000 in operating support
to eight partners constructing, rehabbing and maintaining affordable housing units.

COMMUNITY GRANTS

  • Brookside Community Development Corporation
  • CICOA
  • Edna Martin Christian Center
  • Groundwork Indy
  • Harrison Center for the Arts
  • Hearts and Hands of Indiana
  • Indiana Legal Services, Inc.
  • Indianapolis Legal Aid Society
  • International Marketplace Coalition
  • Kennedy King Memorial Initiative
  • Martin Luther King Community Center
  • Midtown Indianapolis, Inc.
  • Neighborhood Christian Legal Clinic
  • Pathway to Recovery
  • Rebuilding Together Indianapolis
  • South Indy Quality of Life Plan
  • Southeast Neighborhood Development, Inc.
  • Trinity Haven
  • United Northeast Community Development Corporation

$322,000 to support affordable housing and placemaking activities. 

Partnership is in our name. But more importantly, partnership is a part of our culture.

TECHNICAL ASSISTANCE GRANTS

  • Midtown Indianapolis, Inc.
  • Martindale Brightwood Community Development Corporation
  • Near North Development Corporation
  • Old Southside Neighborhood Association
  • Southeast Neighborhood Development, Inc.

INHP granted more than $35,000 in support of initiatives that strengthen housing opportunities.

PARTNERSHIP GRANTS

  • LISC Indianapolis
  • Neighborhood Christian Legal Clinic

More than $180,000
to help our allies serve
the community with us.

WE ARE CHAMPIONS FOR AFFORDABLE HOUSING

INHP is honored to serve the people and places of Indianapolis. Working together, INHP and partners are making Indianapolis a place we're proud to call home.

EVALUATING AND ANTICIPATING NEED

ALWAYS INNOVATING
As a Community Development Financial Institution (CDFI), INHP is constantly looking for ways to meet the evolving needs of our community and the changing financial landscape. This includes piloting new programs in collaboration with other like-minded organizations in support of our mission, leveraging our seasoned relationships and establishing new ones.

ALWAYS INFORMED
INHP stays at the forefront of affordable housing conversations by sourcing formal research and sharing it with others. Visit our Research Library to explore how housing connects to health care, education, economic mobility and more.

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INHP’S ANNUAL COMMUNITY BREAKFAST
Each year, we use our Community Breakfast to celebrate our partnerships, promote our mission and advance the conversation of a people- and place-based approach to affordable housing. At the 2019 Community Breakfast, an INHP panel discussed the impact of our initiatives.

MORTGAGE ACCELERATOR PROGRAM
We know our low- to moderate-income clients are well-equipped to afford a traditional 30-year mortgage after completing our program. Shorter loan terms may cause payment shock or exceed their debt-to- income ratio. INHP designed a fixed-rate Mortgage Accelerator program that would give clients the option of a 20-year term. By significantly reducing the interest rate, we can offer a shorter repayment term without the corresponding increase in their principle and interest payment. This will help clients save tens of thousands of dollars and build wealth.

The program was piloted in 2019 to serve interested buyers in partner initiatives like Anchor Housing and our three New Markets Tax Credit neighborhoods where we built 29 new homes. After a successful pilot, we were awarded a U.S. Department of Treasury grant to make our Mortgage Accelerator program available across Marion County in 2020. We’ll be able to offer eligible homebuyers a 20-year fixed-rate mortgage loan with a payment that is nearly identical to a 30-year mortgage.

THE ANCHOR HOUSING PROGRAM
From 2016 to 2019, INHP, Indy Chamber and eight active nonprofit anchor institutions partnered to help strengthen homeownership opportunities. Through the Anchor Housing program, these anchors encouraged their employees to become or remain part of their workplace neighborhoods.

  • Butler University
  • Community Hospital East
  • Crown Hill Foundation
  • Eskenazi Health/Health & Hospital Corporation of Marion County
  • IUPUI
  • Marian University
  • Newfields
  • University of Indianapolis

The commitment and belief in this initiative leveraged over $2 million collectively in Down Payment Assistance and home repair loans to low- and moderate-income people in Marion County, which is more than 100 families impacted. See the impact the Anchor Housing program had on three Indianapolis families.

BRING THE HEAT A SUCCESS
For more than 12 years, we’ve partnered with the Indiana HVAC Association, IPL and Citizens Energy to help low-income families prepare their homes’ heating systems for winter through “Bring the Heat” day. On Oct. 5, 2019, we did it again, and we had the pleasure of including new partners Indianapolis Fire Department and CLEAResult Energy Advisors through IPL.

Volunteer teams visited nearly 150 homes to check furnace function and safety, check and/or replace smoke and carbon monoxide detectors, and assess the home's energy efficiency. After crews completed their visits, eight furnaces were flagged for major repair or replacement — a life-saving effort by all those involved.

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“What a luxury to head into winter relaxed about my furnace instead of anxious about maintenance and repair costs.”

Bring the Heat participant and homeowner

COMPREHENSIVE SUPPORT IN ACTION ON THE OLD SOUTHSIDE

INHP first engaged with the Old Southside in 2015 to support area partners who wanted to establish a neighborhood plan. Our involvement came full circle in 2019 when the neighborhood was awarded a Lift Indy grant through the City of Indianapolis. Our comprehensive homeownership strategies are now at work in the neighborhood, including new affordable homes developed with Davis Homes, mortgage lending, homeownership education for homebuyers, and repair loans for existing low- and moderate-income homeowners.

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REPAIRING A 100-YEAR-OLD HOME
Old Southside resident, Wayne, knew he needed to make repairs to his home. It was challenging for him to find the right time because of his fixed income. Through INHP’s Old Southside repair program — in partnership with the City of Indianapolis — Wayne was able to:

  • Replace his HVAC system
  • Repair plumbing problems
  • Address lead-based paint
  • Install floor supports
  • Replace basement steps
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“I’m happy to have my house back in working order.”

Wayne, Old Southside resident

FINANCES AND DONORS

REVENUE, GAINS & OTHER SUPPORT

Revenue

EXPENSES & OTHER COSTS

Expenses

BOARD OF DIRECTORS

Bruce Baird
COO
Renew Indianapolis, Inc.

Jeff Bennett
Deputy Mayor of Community Development
City of Indianapolis    

Bill Bower
Market President
First Financial Bank    

Steve Campbell
Vice President of Communications
Indianapolis Colts

Moira Carlstedt
President and CEO
INHP    

John Corbin
Region President
The Huntington National Bank    

Lacy DuBose
Vice President Agency Sales, North Central Market
State Farm    

Greg Fennig
Chief Marketing,
Communications and
Community Relations Officer
United Way of Central Indiana

Juan Gonzalez
Market President,
Central Indiana
KeyBank

Jennifer Green
Executive Director
Partners in Housing

– Indianapolis

Dr. Dawn Haut
CEO
Eskenazi Health Centers

John Hirschman
President & CEO
Browning

Mali Jeffers
Vice President of
Corporate Responsibility
Ambrose Property Group

Jeffrey L. Kittle
President & CEO
Herman & Kittle Properties, Inc.

Mark Kugar
Commercial Banking
Indiana Market Executive
BMO Harris Bank

Dr. Kathleen Lee
Chancellor, Central
Indiana Region
Ivy Tech Community College

Nicole S. Lorch
COO
First Internet Bank

Dr. Robert Manuel
President
University of Indianapolis

Anthony “Tony” Mason
President & CEO
Indianapolis Urban League

BOARD OF DIRECTORS (cont.)

Gina Miller
CFO & COO
United Way of Central Indiana

Paul Okeson
Executive Vice President
Garmong Construction Services

Michael F. Petrie
Chairman
Merchants Capital Corp.

Albert Smith
Chairman
JPMorgan Chase Indiana

Joseph Whitsett
Retired

Marshawn Wolley
Director of Community Engagement and
Strategic Initiatives
Indiana University Paul H. O’Neill

School of Public and Environmental Affairs

ADVISORY BOARD

Thomas C. Dawson
Executive Vice President and Chief Administrative Officer

Strada Education Network

Kenneth Herrmann
Senior Vice President, Commercial Real Estate Sales Manager
Fifth Third Bank

Mary Jo Kennelly
Retired

Mary Lisher
Retired Partner
Faegre Drinker Biddle & Reath LLP

Shelley Specchio
CEO
MIBOR REALTOR® Association

David Skeels
Founder, President
Vayurjant Capital Partners

Lynne Tamanini
First Vice President & Manager
The National Bank of Indianapolis

WITH YOUR HELP, WE WERE ABLE TO SERVE NEARLY 2,800 PEOPLE DURING 2019.

SPECIAL THANKS TO OUR DONORS

$1,000,000 or more

Lilly Endowment Inc.

$100,000 to $999,999

City of Indianapolis

Community Development Financial Institutions Fund (CDFI)

Federal Home Loan Bank of Indianapolis,
in honor of Moira Carlstedt

KeyBank

KeyBank Foundation

$50,000 to $99,999

Housing Partnership Network

Huntington Bank

The Cummins Foundation

Wells Fargo

$25,000 to $49,999

BMO Harris Bank

Fifth Third Bank

Fifth Third Bank Foundation

First Merchants Bank

Marion County Public Health Department

State Farm

Union Savings Bank

The vision of INHP is that every person in Indianapolis has the opportunity to live in a safe, decent, affordable home in a vibrant neighborhood.

THANK YOU
FOR SHARING OUR VISION.

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