INDIANAPOLIS – Intend Indiana, through its Affordable HomeMATTERS initiative, has closed a $5 million New Market Tax Credit award to support its affordable housing projects in Indianapolis. New Markets Tax Credits help incentivize community development and economic growth through the use of tax credits that attract private investment to distressed communities. The New Market Tax Credits were awarded by Community Housing Capital (CHC), a national Community Development Financial Institution (CDFI) dedicated to the creation and preservation of affordable housing. A highly competitive award, Intend was one of four organizations selected from more than 70 NeighborWorks affiliates who applied from across the country.
“Community Housing Capital is committed to supporting the vital work of NeighborWorks America affiliates like Intend Indiana,” said Cindy Holler, CEO of CHC. “We are especially excited to contribute to Intend’s Affordable HomeMATTERS initiative, which will create equitable homeownership opportunities in the Near Northwest-Riverside and Far Eastside neighborhoods of Indianapolis.”
Affordable HomeMATTERs focuses on developing quality, affordable homes, assisting buyers who earn low- to moderate-income obtain homeownership, establishing and preserving affordable housing stock across Central Indiana, and partnering with local community organizations to deliver on quality of life initiatives. The project includes 22 houses in the Riverside and Far Eastside neighborhoods, with a goal of at least 70% of the houses to be sold to African American homebuyers. The tax credits will leverage a $1.5 million loan from CHC and a $4 million investment from Woodforest Bank to support Intend’s affordable housing strategies.
“Our five-year vision is to invest $50 million into Indiana neighborhoods over the next five years,” said Steven Meyer, chief executive officer of Intend Indiana. “The New Markets Tax Credit award from Community Housing Capital will help us continue creating opportunities for all, including closing the racial homeownership gap by developing affordable housing opportunities, offering affordable mortgage lending, and intentionally engaging local Black-owned businesses in community development work.”
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. To learn more about Intend Indiana and its mission-driven initiatives, visit www.intendindiana.org.
About Intend Indiana:
Intend Indiana, Inc. (Intend) is a nonprofit that advances comprehensive community development through innovative financing and development solutions that create and preserve affordable housing, support neighborhood revitalization efforts and foster small business development. Incorporated in 1987 to serve the near northside neighborhoods of Indianapolis, Intend has grown to provide community solutions across the state.