INDIANAPOLIS – Intend Indiana, through its mission-driven Community Development Financial Institution (CDFI) Edge Fund, has been awarded funding from the Cummins Foundation and Indiana University Health (IU Health) to support affordable homeownership. The Cummins Foundation award will be provided over the next three years to support Black homeownership in the Martindale-Brightwood neighborhood. Intend was also selected as one of 14 community partners to receive a grant from IU Health to provide affordable housing for low-income buyers in the Indy Health District, including the Near Northwest/Riverside neighborhood, earlier this year.
The funds will be used to expand the Edge Fund HomePower mortgage program. HomePower is an interest-free second mortgage paired with a traditional bank first mortgage and offers low- and moderate-income individuals affordable mortgage financing at a below-market rate. Benefits of the HomePower loan include no down payment, origination fees, cash reserves, or mortgage insurance required, minimal closing costs for the Edge Fund loan, and will cover up to 30 percent of the purchase price at zero percent interest for the life of the loan. The awarded funds will provide the opportunity for accessible and affordable homeownership for an estimated 75 Marion County homebuyers over the next three years and leverage more than $9 million in private financing.
“We are pleased to partner with Cummins and IU Health to help us continue our work of closing the racial homeownership gap in Marion County,” said Steven Meyer, Chief Executive Officer of Intend Indiana. “This coordinated investment will create more opportunities for all, including high-quality housing, affordable
mortgage lending, and intentional engagement in local Black-owned businesses in community development work.”
“Cummins has a deeply rooted commitment to removing barriers for those who have historically been denied access to opportunity,” said Tonya Cisco, Executive Director, Corporate Responsibility – Global Equity Programs of Cummins Inc. “Cummins is committed to using its resources, voice, and role as business leaders to create change. This investment supports the critical work being done by community organizations like Intend to close the racial wealth gap and create more equity for Black individuals.”
Since its inception, Edge Fund has invested more than $10 million in low-income mortgages, showing its commitment to fostering diverse and inclusive affordable housing opportunities. In 2023 alone, Edge Fund invested over $3 million to create or preserve housing affordability, of which more than 50% was dedicated to Black homeowners.
Intend partners with community-based organizations, nonprofits, foundations, banks, and state and local governments to leverage resources and deliver impactful programs designed to meet the needs of the community. Intend Indiana is also a chartered member of NeighborWorks America.