In a bid to address the pressing issue of affordable housing in Indianapolis, Intend Indiana, a local community development nonprofit, has secured a significant financial boost. The organization recently announced the receipt of $5 million in New Market Tax Credits, marking a crucial step towards their mission of providing affordable homes in the region.

New Market Tax Credits, a competitive financial tool, are aimed at facilitating the development of housing for low-income families. Traditionally utilized for commercial development projects in distressed neighborhoods, these credits are now being redirected towards increasing the stock of affordable housing.

According to CEO Steven Meyer, the tax credits will play a pivotal role in expanding homeownership initiatives and reducing housing costs, thereby making them more accessible to low-income families. Meyer emphasized the importance of collaborating with community groups to identify and assist families in need, particularly in disinvested neighborhoods.

The initiative will see the construction of 22 houses in the near northwest side and Far Eastside neighborhoods of Indianapolis. Notably, the project sets a goal of ensuring that at least 70% of the houses are sold to African American homebuyers, aiming to promote diversity and inclusivity in homeownership opportunities.

The scarcity of single-family homes, coupled with factors such as rising interest rates and increased corporate acquisitions of properties, has made homeownership increasingly challenging in Indianapolis. Intend Indiana’s efforts aim to alleviate these challenges by providing affordable housing options to those who need it most.

With the infusion of $5 million in tax credits, Intend Indiana is poised to make a meaningful impact in addressing the affordable housing crisis gripping the city, offering hope and opportunity to families striving for a place to call home.