IBJNews

Housing group gets $6.3 million from Lilly Endowment

Back to TopCommentsE-mailPrintBookmark and Share

Lilly Endowment Inc. is continuing its decades-long support of the Indianapolis Neighborhood Housing Partnership, awarding the not-for-profit a $6.3 million grant to help low- and middle-income families become homeowners.

The Indianapolis-based endowment has provided more than $110 million in funding to INHP since its inception 22 years ago.

Last year, the agency provided nearly 2,300 Marion County residents with assistance, and more than 200 families closed on a mortgage to purchase or repair a home.

Services include direct lending and help connecting with financial institutions. The organization also offers one-on-one credit counseling and mortgage education sessions.

“Families that went through our program – we’re seeing that they’re generally in a better position to become long-term homeowners because of the incredible preparation” INHP offers, said agency President Moira Carlstedt. “It’s very direct. It isn’t something that may happen in the future. We help you prepare and then make choices.”

Along with its partner financial institutions, the group offered loans worth more than $15 million last year. Families earning less than 80 percent of the area’s median income accounted for 94 percent of the borrowers.

The endowment support allows INHP to assist community development organizations within the neighborhoods, she said. And new homeowners also contribute to the communities.  

Carlstedt noted that $15 million might not seem like much money in the larger scheme of the mortgage market, but the aid her organization provides is directed mainly at those who often do not have the credit or resources to attain homeownership. The Neighborhood Housing Partnership also offers post-mortgage resources.

“Those choices are directly related to being long-term successful, which we need, especially now,” Carlstedt said. “You have to achieve it and retain it.”

In 2010, the organization brought in $8.6 million in revenue—77 percent from contributions, including more than $2 million from Lilly Endowment. Donations covered 97 percent of program costs.

Carlstedt said 81 percent of contributions to her organization directly assist potential homeowners. The rest covers wages and other operating expenses.

Lilly Endowment has been one of its largest supporters.

“The endowment is incredibly important to enabling us to offer our programs to the individuals and the neighborhoods,” Carlstedt said. “It is a remarkable investment that they’ve made in the INHP.”

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. OK Larry, let's sign Lance, shore up the PG and let's get to the finals.

  2. A couple of issues need some clarification especially since my name was on the list. I am not sure how this information was obtained and from where. For me, the amount was incorrect to begin with and the money does not come to me personally. I am guessing that the names listed are the Principal Investigators (individual responsible for the conduct of the trail) for the different pharmaceutical trials and not the entity which receives the checks. In my case, I participate in Phase II and Phase III trials which are required for new drug development. Your article should differentiate the amount of money received for consulting, for speaking fees, and for conduct of a clinical trial for new drug development. The lumping of all of these categories may give the reader a false impression of physicians just trying to get rich. The Sunshine Law may help to differentiate these categories in the future. The public should be aware that the Clinical Trial Industry could be a real economic driver for Indiana since these revenues supports jobs and new job creation. Nationally, this account for 10-20 billion which our State is missing out on to a large degree. Yes, new drug and technology development has gotten most of the attention (e.g. CTSI, BioCrossroads, etc.) However, serious money is being left on the table by not participating in the clinical trials to get those new drugs and medical devices on the market!!!! I guess that this is not sexy enough for academia.

  3. The address given for the Goldfish Swim Club is the Ace Hardware, is it closing?

  4. Out of state management and ownership. If Kite controlled it, everything would be leased. Of course, due to the roundabout, there is limited access to the south side of 116th now also. Just have to go down to the light.

  5. Hey smudge, You're opposed to arresting people for minor crimes? Sounds great! We should only focus on murders and such, right? Let's stand around and wait until someone shoots someone before we act. Whatever we do, we should never question anyone, frisk anyone, or arrest anyone unless they are actively engaged in shooting or stabbing. Very sound!

ADVERTISEMENT