The program directs federal funding to the redevelopment of vacant properties as part of the city’s efforts to create more affordable housing units.
Indianapolis will use $4.5 million in federal funding from the American Rescue Plan Act (ARPA) to fund the redevelopment of vacant properties in the city’s land bank portfolio, reports Jill Sheridan for WFYI. The program, dubbed Vacant to Vibrant, is part of an effort to end the cycle of disinvestment and prevent displacement in the city’s rapidly changing neighborhoods and a $50 million investment of ARPA funds in housing initiatives.
According to Sheridan, “Community development corporations, nonprofits and others may apply for projects that include affordable single-family homeownership or rental opportunities.” City officials estimate around 100 properties are currently eligible for the program.
Resulting housing units will be available to families making 80 percent or less of the area median income (AMI).
Read the full story: Vacant to Vibrant program announced to create affordable housing
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