The Indy Affordable Modification Program (IndyAMP) allows homeowners affected by the pandemic to refinance debt and stay in their homes.
Indianapolis (March 22, 2022) – Renew Indianapolis, a nonprofit that advances comprehensive community development through innovative financing and development solutions, announced today it has invested more than $2.6 million to preserve low-income homeownership through the Indy Affordable Modification Program (IndyAMP). Started in 2021 as an emergency response tool for those struggling to pay their mortgage due to the pandemic, IndyAMP allows homeowners to become current with their mortgages, remain in their homes, and lower their monthly payments.
“This innovative program is a direct result of collaboration from many organizations and stakeholders,” said Steven Meyer, CEO of Renew Indianapolis. “As the pandemic progressed, we all felt the urgent need to help homeowners stay in their homes, and we are grateful to our partners and funders for their rapid response.”
The IndyAMP program is funded through a grant from the City of Indianapolis, and administered in partnership with Merchants Bank of Indiana, Stock Yards Bank & Trust, and Woodforest National Bank. Integral to the process is nonprofit organization, Kheprw Institute, which provides full-service outreach and direct client support, including prescreening for applicants and guidance through the entire application process.
“Housing is such a challenging issue to address and the pandemic has only made things worse,” said Alvin Sangsuwangul, Project Manager, Kheprw Institute. “The IndyAMP program has met those who have faced adversity with compassion, resources, and greater flexibility than traditional financial institutions have been able to offer, and we’re working to make sure that the program is serving our community.”
The IndyAMP program allows homeowners affected by COVID-19 to refinance mortgage debt – including late payments and fees – at a below-market interest rate for up to 30-years. The program is open to existing Marion County homeowners who owe between $20,000-$200,000 on their home.
To date, IndyAMP has assisted 19 households facing financial hardships to remain in their homes. Homeowners who have been through the program are saving an average of $170 on their monthly mortgage payment, which translates to nearly $61,000 in savings over the 30-year mortgages. Altogether, the first round of homeowners to go through the program will save more than $1.1 million over the lives of their loans.
Renew Indianapolis and Kheprw Institute have submitted a joint proposal for additional funding to the City of Indianapolis that includes enhanced outreach and program navigation support. For more information on the IndyAMP program, visit indyamp.org.