Indianapolis Area Real Estate Blog

Indianapolis Neighborhoods Receive Funds for Revitilazation

Seven Indianapolis areas will receive federal funds earmarked for neighborhood revitalization. $29 million will be used to counteract the effects of foreclosures in neighborhoods located within the city of Indianapolis.

The city of Indianapolis has been successful in the revitalization of several historic neighborhoods in the downtown area, including the Old Northside, Lockerbie Square and Fall Creek Place to name a few.

Which neighborhoods have received the federal funding?

Concord Community Development Corp – This area of Indianapolis lies North of Hanna, South of Washington Street, East of White River and west of Madison Ave/I-65.

Englewood Community Development Corporation – Not as much a neighborhood, but a community developed by Englewood Christion Church which has help to reestablish the neighborhood around the church, and providing housing for families.

Mapleton Fall Creek – Bound by Meridian on the west,38th street on the north and Fall Creek on the south and east, Mapleton Fall creek is an area in the midst of revitalization, with many new builds and remodels already completed.

Southeast Neighborhood Development – The Southeast neighborhood community includes the neighborhoods of Fletcher Place, Garfield Park, Fountain Square, Irish Hill and Holy Rosary. This is a wonderful area of homes which has seen a lot of foreclosure activity in the past few years. SEND programs include repair, rehab and purchase funds for low to moderate income families.

Indianapolis Neighborhood Housing Partnership – The community development corporations will work with INHP. As neighborhoods are developed, INHP will offer counseling and financing options for homeowners.

Two additional groups will which use the funds are Greater Eastside Housing Project Team and Michigan B&O Reinvestment Team. All monies have to be spent within four years.

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