INDIANAPOLIS (Inside INdiana Business) — Renew Indianapolis has received more than $3.6 million in federal COVID-19 Rapid Response funds. The nonprofit says it will use the funding to support neighborhoods that have been hit hard by the pandemic, as well as those that are historically underserved.
Renew says it received the maximum grant amount for each of its two certified Community Development Financial Institution funds. The Edge Fund will receive $1.8 million to help residents find affordable, inclusive and diverse housing opportunities. The Build Fund will receive the same amount for its mission of connecting businesses to flexible, affordable and responsible funding.
“The CDFI Rapid Response grant comes at a critical time for Indianapolis and its neighborhoods, and we are prepared to get these funds into the hands of homeowners and business owners who need it most right now,” said Evan Tester, director of lending for Renew Indianapolis. “Our focus is to support comprehensive neighborhood revitalization in communities like Martindale-Brightwood to improve the overall quality of life for the families who live, work, shop, and play there.”
The nonprofit says the funding adds to its pandemic response efforts. Earlier this year, Renew said it would invest more than $5 million to help homeowners affected by COVID refinance their mortgage and stay in their homes through the IndyAMP program.