King Park is pleased to be working with First Merchants Bank (FMB) and the Fair Housing Center of Central Indiana (FHCCI) to increase mortgage lending to residents in Marion County’s majority-black neighborhoods and census tracts. King Park will work with First Merchants on several new initiatives, including homebuyer counseling and up to $30 million in new loans in majority-black neighborhoods. FMB will invest $1.12 million in loan subsidy funds to borrowers in Marion County majority-black census tracts for assistance in down payments and closing costs (maximum subsidy of $7,500 per loan).
“The initiatives announced today will facilitate desperately needed mortgage lending and consumer education opportunities for residents in majority-minority communities in Marion County,” said FHCCI Executive Director Amy Nelson. “More importantly, the FHCCI and First Merchants have created a roadmap for other financial institutions that are seeking to expand access to credit in underserved areas and ensure that every individual, group, and community enjoys equal housing opportunity and access in a bias-free and open housing market,” continued Nelson.
“King Park is proud to support initiatives that expand access to credit in underserved areas,” said Steven Meyer, Executive Director of King Park Development Corporation. “Investments like this can be truly transformative for individuals, families, and neighborhoods.”