6/28/2005
Media Contact:
Justin Ohlemiller, DMD, [317] 327-6709 |
 |
City marks National Homeownership Month with grants to assist low-income residents achieve the American Dream
More than $700,000 in federal funding will be used for down payment assistance Indianapolis – City officials today joined community leaders and residents in celebration of "National Homeownership Month" and marked the occasion by awarding more than $700,000 in federal funding from the U.S. Department of Housing and Urban Development (HUD) to aid low-to-moderate income residents achieve the dream of homeownership.
The city awarded grants of $498,750 and $276,507 to the Indianapolis Neighborhood Housing Partnership (INHP) and the Indianapolis Housing Agency (IHA), respectively. Both agencies will use the funding for down payment assistance, helping individuals and families, who otherwise could not afford to buy a home, achieve homeownership.
The city's Department of Metropolitan Development Director Maury Plambeck announced the grants and presented a proclamation from Mayor Bart Peterson declaring June as "National Homeownership Month."
"Homeownership strengthens families, stabilizes neighborhoods, builds communities and promotes well-being," the proclamation read. "The [city] is actively engaged in increasing homeownership opportunities for citizens through successful partnerships with public, private and non-profit organizations."
The announcement took place at a West side house that was recently redeveloped by the West Side Community Development Corporation, and is in the process of being sold to a first-time homebuyer.
"IHA is a proud partner in the effort to make homeownership a reality for many Indianapolis residents," said IHA Executive Director Rufus "Bud" Myers. "This grant from the city will help bolster our work to move residents who receive public housing assistance toward owning their own home."
"Many families work very hard to overcome the barriers to homeownership," said Moira Carlstedt, President of INHP. "Oftentimes, a down payment is usually the last hurdle to achieving homeownership, so this funding can truly make the difference in the lives of many individuals and families."
Since 2000, the city has invested more than $5 million of HUD grant funding in down payment assistance for low-to-moderate income homebuyers. This includes funding that was used to help homebuyers in Fall Creek Place, the nationally recognized near-North side neighborhood being revitalized through 400 newly constructed and rehabilitated homeownership opportunities. Of the first 300 homeowners in Fall Creek Place, 72 percent were first-time buyers and more than 55 percent received down payment assistance.
The city is also providing down payment funding to Martindale on the Monon, a three to five-year initiative led by Martindale-Brightwood, LLC in partnership with the Martindale-Brightwood CDC that will create more than 100 homeownership opportunities through new construction and rehabilitation of dozens of vacant or abandoned houses in the Martindale Brightwood neighborhood.
-30-
|
