EQUITABLE TRANSIT-ORIENTED DEVELOPMENT (ETOD)
INHP acquires and preserves property along frequent transit lines so developers can prepare optimal site plans yielding affordable housing.
BUILDING EQUITABLE ACCESS
INHP leverages the resources and expertise of the City, philanthropy, financial institutions and developers to maximize affordable housing production near transit and create choice, connectivity and economic mobility opportunities for residents.
INHP acquires properties using capital from a loan fund, made possible by philanthropic gifts and investments from area banks. INHP is the sole borrower for the loan fund and uses it to acquire properties near frequent transit lines.
INHP holds each property in a land bank while working to attract developers pursuing affordable multi-family housing. INHP garners a purchase agreement with a developer's proposal and works with the developer while they secure financing sources, City approvals and final development plans.
By developing and preserving affordable homes near frequent transit lines, INHP and its development partners can enable more equitable access to jobs, education opportunities, healthcare, food and cultural amenities – all the ingredients needed for economic mobility.
An available site is one that INHP has purchased and is holding for a development partner. A pending site means INHP has this property under contract with an affordable housing developer. Sold means that INHP has sold this previously held land to a developer and the project is either in progress or completed.
INNOVATION AND PARTNERSHIP AT WORK
In 2018, INHP with Cinnaire, a fellow community development financial institution, launched a $15 million fund focused on promoting housing choice and affordability with easy access to transit.
The idea originated through the Greater Indianapolis Progress Committee’s collective impact Plan 2020 visioning process. INHP began developing the fund’s structure with Cinnaire in 2013 and allocated a portion of a 2015 transformational $26.6 million Lilly Endowment Inc. grant to help fund the initial investment.
Cinnaire manages the fund, and INHP acts as the sole borrower. JPMorgan Chase was the first philanthropic partner to join INHP and the City of Indianapolis with funding, and their equity investment helped activate the ETOD fund in its initial stages. Since then, several financial institutions have committed lending capital to support the initiative – the first of its kind for Indianapolis.
Special thanks to The KeyBank Foundation for their generous funding to hold and maintain land banked properties.