The grant will enable INHP to scale its efforts to boost homeownership among low- and moderate-income families and expand its neighborhood development strategies over the next five years. To that end, the funds will be leveraged to advance two focus areas — direct support to low- and moderate-income families through specialty lending programs, down payment assistance, foreclosure prevention, comprehensive repair lending, and other enhanced program offerings; and neighborhood and placemaking support, including support for the prevention and reduction of abandoned housing in the form of flexible, long-term, and affordable capital for collaborative community development initiatives.
In addition to the grant, the endowment also awarded INHP $5.3 million in support of its ongoing operations. The endowment has invested more than $172 million in INHP since its creation in 1988.
"After nearly three decades of commitment to strengthening families, neighborhoods, and our city by fostering successful homeownership, INHP now finds itself, more than ever, at the center of many community and neighborhood initiatives," said Ace Yakey, vice president of community development at the Lilly Endowment. "INHP is frequently asked to provide leadership and resources to these efforts. This grant will help INHP extend its impact in the critical area of housing as Indianapolis works toward comprehensive community development."