Intend Indiana has announced that HomePower, an initiative that combines new construction homes and affordable mortgage financing to facilitate homeownership in the Martindale-Brightwood neighborhood, welcomed its first homebuyer today. Doris Barringer, a longtime Martindale-Brightwood resident, is the first of 12 residents who will benefit from the program. HomePower, an initiative of Intend Indiana, was designed to create opportunities for equitable neighborhood revitalization.
The first phase of HomePower is focused on first time homebuyers with a preference given to residents with ties to the Martindale-Brightwood neighborhood. The HomePower initiative pairs a newly constructed home with an affordable mortgage featuring a 2% interest rate fixed for the life of the loan, no down payment, minimal closing costs, and no private mortgage insurance. The next five homes are under construction and the final six are about to break ground. Intend Indiana is engaging local contractors and is on pace to meet its goal of 75% XBE participation across the program.
Intend Indiana has partnered with Martindale-Brightwood CDC and Edna Martin Christian Center as part of Lift Indy to raise awareness of the opportunity and co-host homeownership classes. Participants will learn about the home buying process and receive resources to help prepare a budget, minimize debt and manage credit.
“We are thrilled about the opportunity that has been created for Doris and future Martindale-Brightwood residents,” said Stephanie Quick, Intend Indiana Chief Operating Officer. “Intend Indiana is committed to eliminating barriers to homeownership and revitalizing neighborhoods. Through funding provided by the City of Indianapolis – Martindale Brightwood Lift Indy Award and the Cummins Foundation, we are able to further our goal of creating opportunities to foster generational wealth by preserving and developing high-quality, affordable and sustainable homes,” she added.
“Intend Indiana program has been pivotal in my process of home ownership,” said HomePower participant Doris Barringer. “With the ebbs and flow of life, I found myself, at 69 years of age, wondering if I would ever be able to afford my own home again. It is so important to me for a sense of stability and security to own my own home. The program was just what I had prayed for. Intend Indiana and Cummins were true to their word, and I am living proof,” she added.