Housing - Red Maple Grove
Additional Info:
InSight served as co-developer of Red Maple Grove, a 29-acre, New Urbanist neighborhood in southeast Indianapolis. The new development includes 165 affordable and public housing rental units, up to 52 for sale homes, a two-acre city park, community center, swimming pool and tennis courts.
A $16.8 million HOPE VI grant from HUD in 2004 made possible the demolition and redevelopment of 250 vacant public housing units. In place of the 1960s-era, barracks-style public housing the Red Maple Grove boasts newly tree-lined streets (with rear alley parking and trash pick-up) and new curbs and sidewalks. The homes are new construction and are around $140,000.
The Red Maple Grove homeownership program has 3 qualifications for eligibility:
The potential homeowner must be able to:
- Get a first mortgage loan for up to $75,000
- Have a total verifiable household income of 80% or less of area median income
- Be able to pay $1,000 for a down payment
The HOPE VI funds that are available for qualified person's are in the form of a five-year, completely forgivable loan. This loan is used to fill in the gap between the first mortgage and the cost of the home. The eligible homeowner must agree, through a second mortgage between them and IHA, to stay in the home for five years. Each year 20% of the IHA second mortgage loan burns off. At the end of the 5th year, the second mortgage is forgiven.
