INDIANAPOLIS, Ind. – Intend Indiana (Intend) has received two grants during the first round of funding from the Indianapolis African American Quality of Life Initiative (IAAQLI). Intend will also receive funding from IAAQLI through a collaboration with Kheprw Institute to address barriers to homeownership. The IAAQLI provides place-based funding for organizations and community partnerships that provide solutions to address critical issues facing Indianapolis’ African American community. The initiative is being funded through a $100 million grant from Lilly Endowment, Inc. to the National Urban League.
A grant award of $126,600 will be utilized to support the predevelopment costs of the HomePower program which weaves together new housing construction and affordable financing as a package to facilitate homeownership for those who choose to live in Martindale-Brightwood. The HomePower program pairs homebuyers with ties to the Martindale-Brightwood neighborhood with 12 new homes featuring affordable financing. The homes are 3 bedroom/2 baths and approximately 1500sq ft in various designs.
The second award to the Build Fund in the amount of $500,000 will support minority-owned contractors and developers. With a commitment to involving Black and minority contractors during the construction process, the funding will be used to capitalize loans to small contracting businesses through the BuildSmart loan product that provides flexibility to contractors lacking access to credit to affordably finance the construction of single-family housing. This award will help African American contractors to cash flow their construction projects and allow them to bid on additional projects growing their business.
Through a partnership with Kheprw Institute (KI), a third grant totaling $1 million was awarded to advance equity-building programs for Black homeowners. A portion of the award will support the Edge Fund Indy Affordable Mortgage Program (IndyAMP). IndyAMP provides an affordable mortgage refinance for households that have been negatively impacted by COVID-19 and those living in zip codes hardest hit by COVID-19. Through the IndyAMP program, Edge Fund will be targeting low- to moderate-income African American households for an affordable mortgage loan refinance at a low-interest rate providing savings to the household.
“We are thrilled to have received these funds during the inaugural IAAQLI grant cycle,” said Intend Indiana CEO Steven Meyer. “Intend is committed to addressing barriers to home ownership and working collaboratively to develop solutions that will yield long-term results. The support through IAAQLI will allow us to build on the successful programs that address barriers to affordable housing and provide access to opportunities.”
To learn more about the Home Power, Edge Fund, IndyAMP, BuildFund, and Build Smart programs visit www.intendindiana.org.
Media Contact:
Denise Herd
denise@herdstrategies.com
317-796.0514
