Earlier this month, the Indianapolis Neighborhood Housing Partnership (INHP) announced the launch of the city’s first $15 million equitable transit-oriented development (ETOD) fund. The fund was created in partnership with JPMorgan Chase, the City of Indianapolis and additional financial partners with a goal of preserving and/or creating 1,000 affordable housing units within one half-mile of transit corridors.
Moira Carlstedt – President & CEO of Indianapolis Neighborhood Housing Parntership and Owen Washburn – Vice President of Corporate Responsibility at JPMorgan Chase, co-authored an article in Building Indiana.
From Carlstedt and Washburn, “Families that are housing cost-burdened often face difficult choices between housing affordability, quality and location. In places where affordable housing is not situated near jobs or transit, families often face higher transportation costs. According to the Bureau of Labor Statistics, after housing, transportation is the second largest expense for the average American household. In Indianapolis, the Center for Neighborhood Technology found Indianapolis households spend 46 percent of their income on housing and transportation combined, compared to Cincinnati, Ohio, where households spend 42 percent and Buffalo, N.Y. residents who spend 39 percent.” You can read the full article here.
Urban Land Conservancy (ULC) recognizes the importance of public transportation and makes it a priority to acquire and develop properties along major transit corridors. Transit-oriented developments (TODs) provide convenient access to jobs and housing, produce more walkable and sustainable communities and create opportunities for people of all incomes. In order to support the development of affordable housing along transit, ULC and partners joined together to launch the nation’s first transit-oriented development (TOD) fund in 2010. ULC fully drew down the $15 million fund through the acquisition of 8 properties in the Denver Metro region. To date, the Denver TOD Fund has preserved and created 626 affordable homes and more than 120K square feet of community serving commercial space.
Part of ULC’s community impact is made through forging partnerships across the country. ULC has worked extensively with INHP by providing technical assistance as it relates to launching a transit-oriented development fund. We are thrilled to see their early success in creating a critical tool for communities in Indianapolis. According to the article in Building Indiana, approximately 106,000 families in Marion County are cost-burdened. ULC is proud of our partners in Indianapolis for leading the charge and making affordable housing along transit a future reality for thousands of residents.