$3.5 million from City’s signature community development program to expand affordable housing and homeownership opportunities, fund economic development, park improvements
INDIANAPOLIS (Nov. 16, 2022) – Today, Mayor Joe Hogsett joined city officials and community leaders at 38th & Sheridan to announce the East 38th Street Corridor as the city’s next Lift Indy neighborhood.
“Lift Indy has come to East 38th Street, bringing opportunities for residents that create and build on treasured community assets,” said Mayor Joe Hogsett. “The City of Indianapolis and its local partners are investing millions into increased homeownership opportunities, affordable rents, park improvements, and economic independence for the people and families of this northeast side neighborhood.”
Lift Indy is part of Mayor Hogsett’s commitment to building sustainable, healthy Indianapolis neighborhoods. Since 2017, the City of Indianapolis has designated and funded a new Lift Indy area every year through a data-driven and competitive process. In the application process, neighborhood coalitions must define the challenges facing the communities they serve and propose responsive solutions utilizing Community Development Block Grant (CDBG) and HOME Investment Partnership funding.
“Housing is not only an essential need, but it serves as a catalyst to our community’s resilience to thrive and sustain,” said Ashley Gurvitz, CEO of United Northeast Community Development Corporation. “This investment aligns with our organization’s mission to eliminate barriers for northeast-side residents to gain easier access to housing and economic development that will improve their overall quality of life.”
Lift Indy-supported multi-year projects and programs for the East 38th Street Corridor focus on homeownership, the development of affordable rental units, placemaking, and economic development. Led by the United Northeast Community Development Corporation (UNEC) and the Indianapolis Neighborhood Housing Partnership (INHP), the East 38th Street Corridor coalition consists of Equity 1821, Cook Medical, Indy Fresh Market, Building & Impacting Communities, Inc., Horizon Bank, and Flaherty & Collins Development.
Homeownership & Affordable Rental Development
The City’s award for the East 38th Street Corridor Lift Indy neighborhood includes $2 million for homeownership opportunities. UNEC and INHP will lead the expansion of homeownership opportunities, developing five single-family properties on the northern portion of 5640 E. 38th St., a property that had been purchased by INHP for its equitable transit-oriented development program.
In addition, INHP will use a portion of the funding for 10 Market Expander mortgage loans for homebuyers earning up to 80% area median income (AMI) who are interested in purchasing a home in the designated area. The innovative mortgage loan uses a unique structure to help buyers expand their purchasing power in today’s competitive housing market.
“INHP is excited to combine our skills and expertise in affordable housing with UNEC, the coalition, and the neighborhood so they can reach their goals, and in doing so, leverage the Lift Indy program to positively impact the supply of homes where people can live in Indianapolis,” said Gina Miller, president and CEO of INHP.
Overall, the Lift Indy partnership will create 305 affordable rental units along the East 38th Street Corridor. In partnership with BIC, UNEC will develop a 100-unit Low Income Housing Tax Credit apartment development at 5640 E. 38th St., with $400,000 in support from DMD. Creating 205 units, Horizon Bank and Flaherty & Collins will develop a LIHTC affordable apartment project at the southwest corner of 38th Street and Arlington Ave. DMD’s funding will help create 11 affordable units at the development with HOME funding.
In partnership with Indy Parks, the Lift Indy coalition and City will fund neighborhood park improvements.
Lastly, the East 38th Street Coalition will partner with Cook Medical, with $50,000 awarded from DMD, to launch programming for financial readiness and skill training for entrepreneurs and organizations. In addition to workforce development, the City awarded $50,000 for UNEC, Indy Fresh Market, and Equitable Food Access Initiative to provide food access programming to the East 38th Street Corridor.
“Small businesses are the most trusted institutions in our community,” said Marshawn Wolley, representative for Equity1821. “Empowering small business owners in neighborhoods will strengthen the sense of community, and Equity1821 is proud to participate as part of Lift Indy.”
DMD will provide $200,000 of support to Equity1821 to provide up to ten microenterprise loans to eligible businesses or business owners along the 38th St corridor. Equity1821 is in the process of becoming the first Black-led Community Development Financial Institution loan fund in Indianapolis.
“Today you’re seeing a powerful combination of partners representing the government, not-for-profits, business, and the community. It’s a perfect way to illustrate the idea that a singular entity can’t create true change on its own. Positive, lasting change requires everyone coming to the table with their unique talents, expertise, and resources and putting them towards a common purpose,” said Pete Yonkman, president of Cook Medical and Cook Group. “The support from Lift Indy will be vital to the residents in the community by addressing barriers like food insecurity, housing, jobs and upward mobility. The grants and funding provided through Lift Indy will build on the incredible momentum already happening in this community.”
“Investments like this are made possible because of successful partnerships and community collaboration – collaboration for the community and by the community, “ Councillor Keith Graves. “The Lift Indy investment will revitalize East 38th Corridor and create opportunities for residents to overcome social and economic obstacles, and I would like to thank Mayor Hogsett for this significant investment.”
The East 38th Street Corridor area follows seven other Lift Indy designations: Monon16, Old Southside, East 10th Street, Near North, Martindale-Brightwood, Mid-North, and Far Eastside. At the announcement Mayor Hogsett was joined by City officials, civic leaders from UNEC, INHP, Cook Medical, Goodwill of Central and Southern Indiana, and neighbors. To read more about the Lift Indy program, visit www.indy.gov/activity/dmdliftindy.