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The Indianapolis Neighborhood Housing Partnership has received an additional $6.3 million from the Lilly Endowment to continue its work of helping low and moderate income people become – and remain -- homeowners.
INHP president Moira Carlstedt said her agency aims to help 450 families get access to financing for buying or repairing their homes this year. Educating potential home owners is also a key part of the agency’s work.
"When people are prepared, and in our case it's oftentimes a behavioral change relative to how they manage their money, their potential for success is elevated," Carlstedt said.
A 2009 report from the Federal Reserve Bank of Chicago showed that INHP homeowners had a substantially lower chance of defaulting on their home loans.
The grant will also support foreclosure prevention services and provide capital to neighborhood development corporations. Since its founding in 1988, INHP has received about $136 million in support from the Lilly Endowment.
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