INDIANAPOLIS - Indianapolis will receive $1.42 million to go toward rebuilding abandoned homes and home ownership opportunities.
In a groundbreaking deal, Wells Fargo has pledged to provide $27 million to the National Fair Housing Alliance which will go to 19 cities including Indianapolis.
The deal also means Wells Fargo will avoid legal actions against them for allegedly failing to maintain and market homes they owned in cities like Indianapolis.
“Back in 2011, CNN named us one of the most empty cities in the nation because of the number of vacant houses we have. We have a desperate need for these funds. Houses are sitting vacant. They’ve sat so long they rehabilitation. These funds would be sorely needed and appreciated,” said Amy Nelson with the Fair Housing Center of Central Indiana.
The Fair Housing Center of Central Indiana will develop the plan for how the money will be distributed.
The money will be given out in cash grants for down payment assistance or to rehabilitate properties.
Details have not been worked out, but grants could range anywhere from the $20,000 to $50,000 range.
Community development corporations will work with people who are eligible.
“It is an incredible good thing for Indianapolis. Community development corporations like ours are very excited to work with the Fair Housing Center to try to deliver those dollars to the properties that need them,” said Michael Osborne with the Near North Development Corporation.
U.S. Bank and Bank of America were also trying to negotiate settlements in their housing discrimination cases which could bring even more money to revive local neighborhoods.
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