This brief is adapted from notes taken by Documenter Randy Wyrick, who covered the Indianapolis City-County Council Metropolitan and Economic Development Committee. 📝 Read more about what happened.
Jeff Hasser, Indianapolis Neighborhood Housing Partnership’s director of housing strategy, says INHP aims to help marginalized communities become homeowners.
Hasser presented in support of giving INHP $1.6 million in economic development tax increment revenue bonds to provide down payment assistance and financing to home buyers at the Arnold Place development.
On Jan. 13, the City-County Council’s Metropolitan Economic Development Committee approved a $1.6 million Housing Tax Increment Financing bond for down payment assistance to buyers of the Arnold Place project in Reagan Park.
The committee previously approved $20 million in American Rescue Plan funds for affordable housing projects. The Department of Metropolitan Development selected INHP as the recipient of a $1.8 million ARPA grant for homeownership assistance.
DMD also awarded New Markets Tax Credit financing to the project. The NMTC Program incentivizes community development and economic growth through tax credits.
The new affordable housing development is designed for individuals earning up to 80% of Marion County’s median income, which is $77,350 for a family of four.
Named after Albert Arnold, Reagan Park’s resident 101-year-old centenarian, the project will consist of 33 two- and three-bedroom townhouses, with 20 units already under construction and expected to be move-in ready later this year.
Priced at approximately $350,000, these homes align with neighborhood property values but exceed the affordability range for many buyers based on traditional mortgage models. Rising construction costs and stagnant wages have widened the affordability gap.
To address this, INHP is offering assistance with down payments. This package helps bridge the gap between the cost of the homes and what buyers can afford, aiming to keep monthly payments around $1,416.
INHP is also working to secure additional grant funding for buyer assistance.
What’s next?
The next Indianapolis City-County Council Metropolitan and Economic Development Committee meeting is at 5:30 p.m., Feb. 10 at 200 East Washington St.
A correction was made on Jan. 16, 2025: A previous version of this story incorrectly stated the amount of additional grant funding INHP is seeking for buyer assistance.
Want to help us cover future meetings?
Indy Documenters trains and pays neighbors to attend local, public government meetings and take notes or live tweet. We’re creating a new public record in Indianapolis, and we want you to be a part of it.
Questions? Email documenters@mirrorindy.org.
Republish our articles for free, online or in print, under a Creative Commons license.
