INHP awarded second New Markets Tax Credit award worth $9 million to build more affordable homes
40 single-family homes planned to help address shortage in Marion County
INDIANAPOLIS (March 26, 2021) – The Indianapolis Neighborhood Housing Partnership® (INHP) has received a $9 million federal New Markets Tax Credit (NMTC) allocation to build 40 single-family homes priced affordably for individuals and families earning low and moderate incomes in Marion County. The homes are being constructed throughout 2021 and will be ready for occupancy on a rolling basis.
Each home will be sold at an affordable price for eligible buyers. Many will be sold to buyers earning up to 80% of area median income (AMI), and some available for those earning up to 120% of AMI.* Homes will be concentrated in areas where INHP actively partners with neighborhoods, and already include Rivoli Park, Riverside, Crown Hill, Old Southside, Norwood near Twin Aire and Mapleton-Fall Creek. As homes become available to purchase, they will be listed on the MIBOR® Broker Listing Cooperative® and at www.INHP.org/homes-for-sale.
“This award will help us continue to address the shortage of affordable homes for sale in Marion County,” said Moira Carlstedt, president and CEO of INHP. “We are excited to work alongside each neighborhood to create more opportunities for buyers with limited incomes to realize the benefits of long-term, successful homeownership and wealth-building.”
This is the second federal NMTC award INHP has been granted. In 2017, INHP was awarded $5 million, which led to the development and sale of 29 affordable homes in the near east Educators Village, the near west Riverside and near north Crown Hill neighborhoods.
The NMTC program is a competitive process in which the federal government awards tax credit allocations to community development entities. INHP received its NMTC financing from the Housing Partnership Network (HPN), the community development entity of which INHP is a member. Smith NMTC Associates served as a consultant for HPN and INHP.
*Example: A family of three may earn up to $59,050 (80% AMI), or $88,560 (120% AMI).