New Neighborhood Programs

Press Release

I wanted to share some exciting news with you regarding two programs in our community.

Blight Elimination Demolitions Have Started

Yesterday, the first blighted home in Indianapolis was torn down under the State's new Blight Elimination Program. This $75million program marks the first time in recent history the state is providing funds for demolition of homes beyond repair. Indianapolis was awarded $6.8 million.

Working with neighbors, community leaders and local officials, we were able to get several homes in our district put on the list. These demolitions should be completed by the end of the year.

One of the challenges to this program was having site control of the property. The home had to be tax delinquent or owned by the city in order to be approved for demolition.

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Home Ownership and Rehabilitation Funding

It is important to recognize that we cannot simply demolish our way out of this abandoned housing crisis. We must find creative ways to help new homeowners buy and fix up property to call their home.

As a part of a national settlement, Wells Fargo has announced the NeighborhoodLIFT program to invest $5.5 million in our City for homeownership and rehabilitation.

The Program kicks off on September 26-27 from 10 a.m. to 7 p.m. at the Indianapolis Convention Center,100 South Capitol Avenue, Exhibit Hall A.

Of the $5.5 million committed by Wells Fargo, $4.5 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.

Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the Indianapolis area median income -- which is about $77,150 for a family of four -- with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with INHP or another HUD-approved counseling agency.

To receive the full grant amount, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.

In addition to providing down payment assistance for homebuyers, Wells Fargo will donate $500,000 to support stabilization efforts in Indianapolis neighborhoods.

Prospective homebuyers can register and learn more about the program at www.neighborhoodlift.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 down payment assistance grant, although walk-ins will be welcome while funds are available. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for sale.

I encourage you to check out this program and share it with your friends and relatives who may be interested.

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