Cinnaire announced 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 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.
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.