Renew Indy buys properties from unwilling sellers, such as delinquent tax owners, with tax money and money from the city’s sale of bonds. Renew Indy then looks to reinvest in the properties to make them viable and attractive for investors. As part of this process, Renew Indy cleans up the properties, making them safer and more attractive.
The renewed properties are then often used to create new housing options that are more affordable than traditional sales options. Renew Indy works with partners to provide housing counseling and down payment assistance to buyers. In addition, the land bank has connected buyers to housing choice vouchers and state and federal homeownership programs. These programs have enabled first-time buyers and renters to purchase homes that would have otherwise been unavailable to them. The impact has been profound—according to its 2019 annual report, Renew Indy created over 3,400 jobs and facilitated the sale of 1,300 homes.
In addition to creating more housing opportunities, Renew Indy has also contributed to the growth of small businesses. The land bank has identified properties and had them demolished, renovated, and re-zoned for commercial use. The land bank has also provided resources and assistance to entrepreneurs and business owners in the form of technical advice, pre-development grants, and loans.
By providing a unique and powerful tool for neighborhood revitalization, Renew Indy has improved the lives of countless residents in Indianapolis and has helped make the city a more desirable place to live. It has created job opportunities, increased economic activity, and improved housing opportunities in the metropolitan area. These are just some of the many positive benefits that Renew Indy has brought to Indianapolis.
Article Created by A.I.