INHP adds more than $12 million to support Marion County affordable housing initiatives

Funds expected to help hundreds of residents with low and moderate incomes find affordable lending and housing opportunities

INDIANAPOLIS (June 17, 2025) – Working together with local and national nonprofits and six financial institutions, the Indianapolis Neighborhood Housing Partnership (INHP) leveraged its role as a community development financial institution by delivering more than $12 million to support affordable housing strategies in Marion County, Indiana. INHP’s partnership effort to amass this funding is the result of two initiatives offered through the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) and a recent New Markets Tax Credit award through the U.S. Treasury.

“This extraordinary effort between INHP and generous local and national partners is as significant as it is timely,” said Gina Miller, president and chief executive officer at INHP. “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. At a time when affordable housing is in a nationwide crisis, INHP and these committed partners are developing real affordable housing solutions to benefit hundreds of Marion County residents.”

The complex financial transactions described below help amplify resources INHP needs for increasing its community impact:

$10.765 million in low-cost capital to support INHP’s affordable housing strategies

INHP raised $10.765 million in low-cost capital to support the growth outlined in its current Strategic Plan (2024-2026) and sustain that trajectory beyond 2026. These funds are designated for existing INHP strategies, including home purchase lending, community lending and affordable housing development.

INHP raised this low-cost capital by partnering with five financial institutions and leveraging the FHLBank Indianapolis CDFI Rate Buydown Advance program. This program offers subsidy to “buy down” interest rates on funds borrowed by participating FHLBank Indianapolis members who agree to re-lend the funds to a community development financial institution (CDFI). Participating banks include First Internet Bank, First Merchants Bank, Lake City Bank, Old National Bank and The National Bank of Indianapolis.

These banks passed the rate “buy down” benefit to INHP to help maximize the $10.765 million for funding affordable housing strategies.

INHP’s fourth New Markets Tax Credit award for more housing development

INHP also received a New Markets Tax Credit (NMTC) allocation to support the development of an estimated 20 homes priced affordably for individuals and families earning low and moderate incomes in Marion County. The homes will be completed throughout 2026 and ready for occupancy on a rolling basis.

To comprise the 20, the allocation will support the completion of 10 units of INHP’s Arnold Place townhome development located in the Reagan Park neighborhood. These units will be priced affordably for households earning up to 80% of the area median income (AMI). Approximately 10 other homes will be developed throughout Marion County and available to buyers earning up to 120% of the AMI.

This marks the fourth NMTC award for INHP. The program is a competitive process in which the federal government awards tax credit allocations to community development entities (CDE). Private investors contribute capital into a CDE in exchange for those tax credits, and their contribution is used to invest in qualified projects like housing development. In this award, INHP invested approximately $5.5 million, resulting in a net benefit of $1.7 million through the tax credit investor.

INHP received its NMTC financing from the Housing Partnership network (HPN), the CDE of which INHP is a member. Smith NMTC Associates served as a consultant in this transaction.

$325,000 raised via Community Multiplier grants through FHLBank Indianapolis

INHP leveraged the new Community Multiplier – Member Match program from FHLBank Indianapolis to raise $325,000 for affordable housing initiatives in Indianapolis. Under the program, FHLBank Indianapolis provides a matching grant up to 10 times greater when a member bank contributes to support targeted affordable housing development.

This $325,000 was distributed to the following partners and projects:

• With a $10,000 INHP investment, a $100,000 grant supported Englewood Community Development Corporation. The funds will go toward deepening and strengthening service and partnerships for more than 800 residents in its affordable housing program.
• With a $10,000 INHP investment, a $100,000 grant supported Partners In Housing and their ability to provide comprehensive case management for individuals exiting homelessness who are on a path toward stabilized, sustainable housing.
• With a $20,000 commitment by First Internet Bank, INHP received a $125,000 grant to support its U.S. HUD-approved homeownership advising programs.

To learn more about the affordable housing solutions INHP offers to consumers and to the Indianapolis and Marion County community, visit INHP.org.

About INHP

The Indianapolis Neighborhood Housing Partnership (INHP) creates affordable housing solutions for people with low and moderate incomes, and collaborates to enhance quality of life in Indianapolis neighborhoods. INHP supports people by providing homebuyer and financial education, one-on-one homeownership advising, home purchase and home repair lending, and housing stability programming for renters participating in economic mobility initiatives. 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.