Indianapolis, IN is launching a program which aims to address its shortage of affordable housing. The program – called ‘Vacant to Vibrant’ will enable residents to rent or buy housing if they earn 80% the area median income or less – which is approximately $73,000 per year for a family of four.
It has allocated $4.5 million in American Rescue Plan Act funds to attract nonprofits, community development corporations and developers to provide affordable single-family homeownership or rental opportunities on city-owned properties in three neighborhoods. Submitted development proposals will be required to align with specific neighborhood guidelines, which seek to “capture elements of neighborhoods to help guide growth and change so that the future character of neighborhoods is compatible with their past.” A neighborhood advisory committee will provide feedback on proposals before they are chosen.
The project is led by the city’s Department of Metropolitan Development, which has stated that there are about 100 properties in the city land bank that could be used.
“The future of affordable housing is under construction: brick by brick, dollar by dollar, we’re working alongside neighborhoods to build an equitable, bright future for Indianapolis,” said Mayor Joe Hogset.