Nonprofit Awards $2.6M to Help Struggling Homeowners
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Renew Indianapolis, a nonprofit that provides financing and development services, is investing more than $2.6 million to preserve low-income homeownership through the Indy Affordable Modification Program. IndyAMP was created in response to the pandemic as a tool to help people pay their mortgage, lower monthly payments, and avoid foreclosure.
The program, which is funded through a grant from the city of Indianapolis, allows Marion County homeowners to refinance mortgage debt at a 3% interest rate for 10, 20, or 30 years. IndyAMP is open to homeowners who owe between $20,000-$200,000 on their home.
“This innovative program is a direct result of collaboration from many organizations and stakeholders,” said Steven Meyer, chief executive officer of Renew Indianapolis. “As the pandemic progressed, we all felt the urgent need to help homeowners stay in their homes, and we are grateful to our partners and funders for their rapid response.”
Since its creation in 2021, the program has helped homeowners save an average of $61,000 over their 30-year mortgages.
You can get more information about IndyAMP by clicking here.