Smith NMTC Announces Closing of $8M NMTC Allocation to Support the Indianapolis Neighborhood Housing Partnership (INHP)
The Smith NMTC Associates team is thrilled to announce the closing of an $8 million New Markets Tax Credit (NMTC) loan to Indianapolis Neighborhood Housing Partnership (INHP) and Indianapolis Redevelopment CDE to develop 23 for-sale homes, including the conversion of the 1.43 acre former Colonial Bakery Truck Maintenance Facility site into 22 townhomes. The project was supported by an investment from the U.S. Bancorp Community Development Corporation.
ABOUT INDIANAPOLIS NEIGHBORHOOD HOUSING PARTNERSHIP (INHP)
A nonprofit based in Indianapolis, the Indianapolis Neighborhood Housing Partnership (INHP) focuses on increasing affordable and sustainable housing opportunities for individuals and families in Marion County and investing in community development to benefit Indianapolis neighborhoods.
The townhome development will provide affordable housing in alignment with the 25th and Monon Vision Plan and the Anti-Displacement & Inclusive Growth Policy Agenda for Indianapolis. INHP was selected as the developer for the property through the city’s RFP process.
This site is located in a highly distressed census tract:
- Poverty rate: 47%
- AMI: 29.82%
- Unemployment rate: 24.90%, 3x the national average.
ABOUT THE NEIGHBORHOOD
The neighborhood has historically been a low-income neighborhood predominantly comprised of people of color. Demand for housing has steadily increased over the past five years. In 2015, the median household income was $26,667 with people of color making up 72.2% of residents. By 2019, the median household income was $46,345 with people of color making up 62.8% of all residents.
Because the lack of affordable housing for low- and moderate-income residents is a large and growing problem in Indianapolis, the city has requested that the project feature affordable homeownership options. INHP plans to sell over 50% of the units to low-income residents.
LEARN MORE
To follow along with INDP and this project’s progress, click here.