INHP Purchases Property Near Red Line Station for Affordable Housing
Cinnaire announced today the closing of a $400,000 loan with the Indianapolis Neighborhood Housing Partnership® (INHP) for land acquisition for development of affordable housing one block from a Red Line bus rapid transit station in Indianapolis. The investment is the first loan from the $15 million Equitable Transit-Oriented Development (ETOD) fund launched in February 2019. INHP used the $400,000 loan to acquire a vacant commercial property located at 2163 N. Illinois St. in the Meridian Highland neighborhood. The property will be preserved for future affordable housing located near four major transportation routes.
The 7,424 square-foot commercial property is the former Unity Center. Redevelopment in the area includes 2131 North apartments, located at 2131 N. Meridian St., which features a mix of affordable and market-rate apartments, and a self-storage facility currently under construction.
Cinnaire and INHP joined forces to launch the city’s first ETOD loan fund to preserve affordable housing or spur its development near Indianapolis transit lines. The $15 million fund will enable equitable access to jobs, education, healthcare and more. The fund aims to preserve or cause the development of 1,000 affordable housing units within a short distance of a high-frequency transit stop, consistent with the neighborhood’s priorities.
“The ETOD loan fund is designed to promote, preserve, and rehabilitate affordable housing along transit lines, providing access to affordable housing and economic mobility through access to transit,” said Rick Laber, Cinnaire Executive Vice President, New Ventures. “The development of the Red Line bus rapid transit line along Meridian Street will spur more redevelopment, particularly of affordable multi-unit housing. IndyGo’s Routes 18, 28, 38, and 39 are all within a block of the property.”
“We look forward to the future redevelopment at this Illinois Street property, and are actively working with the Near North Development Corporation, which owns the adjacent property, to seek developers to help us fulfill our goal of bringing affordable housing units to market,” said Joe Hanson, executive vice president, strategic initiatives at INHP.
Studies show Indianapolis families spend an average of 46 percent of their income on housing and transportation. Through ETOD, Cinnaire and INHP are promoting housing choice and affordability and providing access to jobs, education, healthcare, food and cultural amenities – all the ingredients needed for economic mobility.
The Indianapolis Neighborhood Housing Partnership ® (INHP) increases affordable and sustainable housing opportunities for individuals and families in Marion County, and serves as a catalyst for neighborhood revitalization. INHP enables families to become and remain long-term, successful homeowners through homebuyer education, mortgage and credit advising and lending services. INHP also provides thought leadership, technical assistance, financial support and programming to community partners dedicated to neighborhood revitalization. For more information, visit www.INHP.org.