INDIANAPOLIS – Mayor Joe Hogsett, officials from Near East Area Renewal (NEAR), Teach Plus, and the Indianapolis Neighborhood Housing Partnership (INHP) recently broke ground on construction of the Teachers’ Village south of 10th Street on Rural on the east side.
The Teachers’ Village will consist of 20 new and rehabbed 3-bedroom homes located one mile east of downtown. Incentives will be targeted at first, second, and third-year educators from both Indianapolis Public Schools (IPS) and Mayor Sponsored Charter Schools (MSCS), encouraging them to reside in the community in which they are serving students.
The Teachers’ Village is based on a policy proposal outlined by Mayor Hogsett during the 2015 campaign, and part of the City’s ongoing efforts to recruit and retain high-quality teachers. Currently, Indianapolis loses nearly 400 teachers a year from IPS alone.
Educators with an income at or less than 120 percent of the Area Median Income will be eligible to purchase the home at a price significantly less than the cost of development. Teachers will be responsible for the down payment and mortgage on the property, but will have access to assistance from local lenders with available products. Those who accept financial incentives will be required to live in the home for a minimum of five years. While financial benefits will be available specifically for Indianapolis teachers, homes in the Teachers’ Village will be available for purchase by any qualified buyer.
The Teachers’ Village is a joint project of the City’s Department of Metropolitan Development (DMD), NEAR, and INHP. Pending approval of the City-County Council, DMD has allocated over $500,000 from the U.S. Department of Housing and Urban Development (HUD) Community Development Block Grant as part of the 2018 HUD Action Plan. Under Mayor Hogsett’s direction, DMD and Renew Indianapolis worked strategically to acquire vacant and abandoned properties around Rural Street, demolish unsafe structures, and employ a host of tools to prime the area for redevelopment. INHP has committed $2.6 million in funding for the project, and NEAR will administer the redevelopment of the properties as well as the application process for interested buyers.
Interested buyers can visit nearindy.org to learn more.
