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Renew Indianpolis

Merchants Bank of Indiana (Honorable Mention) - Indianapolis, Indiana

2020 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Medium

Merchants Bank of Indiana (MBI) has always been a supporter of affordable housing and building a strong community. To serve its mission, MBI connected with Renew Indianapolis (which merged with King Park Development Corporation in January 2020). Renew Indianapolis is a non-profit organization serving seven Indianapolis neighborhoods through improving affordable housing, economic development and quality of life. The partnership began when Renew Indianapolis CEO Steven Meyer approached MBI in June 2017 about an upcoming project called Monon16. Steven recruited MBI to develop an innovative financing model for the highly anticipated project and create a neighborhood that was diverse both socially and economically. The partnership follows three concepts:

  1. Provide quality homes for all income levels.
  2. Make homes affordable to buyers who earn <80% of the area median income (AMI).
  3. Create a loan fund to provide for future homeownership programs. 

MBI also provides employees opportunities for community service through the MPACT Program (Merchants Positively Advancing Communities Together), such as MPACT Service Day to develop affordable housing in surrounding neighborhoods; Habitat for Humanity rehabilitation projects; and backpack giveaways for students. Learn more about how Merchants Bank of Indiana supports Renew Indianapolis by clicking here: https://renewindy.org/merchants-bank-of-indiana-supports-king-park/