The Lilly Endowment is giving $26.6 million to an Indianapolis housing nonprofit that aims to redevelop neighborhoods married by blight, reports The Indianapolis Star. The grant to the Indianapolis Neighborhood Housing Partnership is nearly triple the organization's annual budget and comes on top of the Indianapolis-based philanthropy's yearly $5.3 million contribution to the group.
The funds will support the partnership's work providing mortgage assistance and other aid to prospective home buyers. It could help the organization reach a longtime goal of purchasing and maintaining abandoned homes until they can be rehabbed. "We don't have a strategic acquisition fund in the community today, but it's likely we will have something as the result of this grant," said Moira Carlstedt, the housing group's president. Indianapolis has about 6,800 abandoned houses, many of them owned by out-of-town investors.