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Find similar grantsVacant to Vibrant (V2V) Indianapolis Land Bank Program (Affordable Housing Creation) is sponsored by City of Indianapolis Department of Metropolitan Development (DMD). Vacant to Vibrant (V2V) is Indianapolis's land bank program, managed by the city's Department of Metropolitan Development.
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# City of Indianapolis, Department of Metropolitan Development # Priorities, Policies, and Procedures > Version 2 (Updated 7/17/2025) Part I – INTRODUCTION ................................ ................................ ................................
................................ ......... 3 OUR VISION ................................
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................................ ..... 3 WHAT IS A LAND BANK?
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4 APPLICATIONS ................................ ................................ ................................
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4 Neighborhood Input ................................ ................................ ................................
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4 Application Types ................................ ................................ ................................
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5 • Affordable ................................ ................................ ................................
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5 • Homestead ................................ ................................ ................................
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5 • Standard ................................ ................................ ................................
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5 • Side Lot ................................ ................................ ................................
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6 Applicant Criteria ................................ ................................ ................................
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6 Eligibility ................................ ................................ ................................
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.... 6 Ineligible Applicants ................................ ................................
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.................. 7 Filling out the Application ................................ ................................
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............... 7 Applications for Multiple Properties ................................ ................................
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7 Scope of Work ................................ ................................ ................................
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7 Proof of Funds ................................ ................................ ................................
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8 Architectural Plans ................................ ................................ ................................
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8 Third -Party Authorization ................................ ................................ ................................
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8 Pricing and Inventory ................................ ................................ ................................
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8 Inventory ................................ ................................ ................................
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... 9 Affordable Housing Reduction ................................ ................................
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... 9 REVIEW PROCESS ................................ ................................
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9 THE PROCESS AND TIMELINE ................................ ................................ ................................
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9 DENIED APPLICATIONS ................................ ................................ ................................
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10 POST -FINAL APPROVAL TIMELINE ................................ ................................ ................................
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10 TITLE COMPANIES ................................ ................................ ................................
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10 FORMS OF PAYMENT ................................ ................................ ................................
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10 FAILURE TO CLOSE AFTER FINAL APPROVAL ................................ ................................ ................................
................................ .................. 10 PURCHASE OPTIONS ................................
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.......................... 11 SIDE LOT PROGRAM (SLP) ................................ ................................
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11 COMPETITIVE SLP PROPERTIES ................................ ................................ ................................
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11 TRANSFER OF SLPs ................................ ................................ ................................
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12 ACCOUNTABILITY ................................ ................................ ................................
................................ ............................... 13 PROJECT AGREEMENT - STANDARD AND HOMESTEAD PROPOSALS ................................
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13 Failure to Perform ................................ ................................ ................................
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13 Unauthorized Transfer of Land Bank Properties ................................ ................................ ................................
................................ ...... 13 FAQ’s – Frequently Asked Questions ................................
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.. 14 PART III – ADDENDUM ................................ ................................
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19 FEE SCHEDULE ................................ ................................ ................................
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19 3 Vacant to Vibrant envisions communities where quality of life, access to housing, and opportunities to build businesses are not determined by race, socioeconomic background, or zip code. Our communities support impactful partnerships that preserve and build wealth for neighborhoods a nd individuals in ways that are equitable and inclusive.
Our communities offer a range of affordable housing choices for residents based on their needs and aspirations, offering places to work, shop, play, learn, and worship. The Vacant to Vibrant (V2V) program is committed to facilitating the revitalization of Indianapolis neighborhoods by transforming vacant and blighted properties into vibrant assets.
We strive to create affordable housing, enhance the quality of life, and s timulate economic growth. By strategically transferring properties to qualified developers and homesteaders, eliminating blight, and supporting community goals, V2V aims to restore pride and prosperity to our neighborhoods.
According to the Center for Community Progress, A land bank is a public entity with unique powers to put vacant, abandoned, and deteriorated properties back to productive use according to community goals . Department of Metropolitan Development Staff operates Vacant to Vibrant to facilitate the redevelopment of these properties through a streamlined, transparent, and accountable process.
In partnership with citizens and stakeholders across the city, Vacant to Vibrant supports neighborhood revitalization efforts throughout In dianapolis.
4 # PART II - POLICIES AND PROCEDURES The Vacant -to -Vibrant Indianapolis Land Bank Policies and Procedures have been developed in consultation with the Land Bank Review Committee, the City of Indianapolis Department of Metropolitan Development (“DMD”) and other stakeholders pursuant to Indiana Code IC 36 -7-38. DMD adopted these Policies and Procedures effective January 1, 2025.
(DMD) Staff and the Review Committee shall review and revise these Policies and Procedures from time to time at its Interested parties may submit an application to purchase property through the Vacant to Vibrant website HERE . DMD staff will answer inquiries about the application, but the content must be generated and submitted by the applicant.
Complete applications will be evaluated on the • Applicant's financial capability; • Adequate and complete scope of work; • Applicant's capacity to complete the proposed scope of work; • Appropriateness for a given neighborhood, especially in terms of approved land uses, neighborhood plans, and infill housing guidelines; • Applicant's property tax status; and, • Applicant's history with health and building code violations • Applicant’s history of compliance with policies and agreements related to Real Estate dispositions through the Department of Metropolitan Development.
Priority is given to Applicants proposing to develop affordable housing or use the property as their primary residence. DMD may request additional information to supplement the application and approve applications subject to certain requirements. The Depar tment of Metropolitan Development may approve or deny any application at its sole discretion.
The Department of Metropolitan Development provides notice to registered neighborhood associations and community development corporations for any complete application in the area where the property is located, pursuant to Section 186. 4 of the Revised Code of the Consolidated City and County (HERE ).
Notice includes essential information about each application, including the proposed site plan and elevations, and the contact information for the prospective buyer. It is at this time that opposition to an application should be registered with DMD. This opposition will be submitted to the Review Committee along with the application and a staff recommendation.
Applicants are required to engage with community -based organizations as requested by DMD and those groups during the application process.
A complete list of registered community -based organizations is available through the Registered Community Organizations database: HERE 5 The Land Bank offers properties for sale for different uses, each of which has its own • AFFORDABLE - Properties that the applicant must develop as affordable housing, defined as being made available for occupants at 80% or below Area Median Income for Marion County, as defined by the latest guidance available through the Indiana Housing and Community Development Authority, Income and Acquisition Limits.
Applicants must provide the following: ▪ Identify all forms of subsidy awarded or actively being requested. ▪ Identify any Partnerships. ▪ Affordability Period (for rental projects).
▪ Target income range(s) for end -users Eligibility – Applicants using the affordable application must be: ▪ Not -for -profit entities that have affordable housing creation in their mission, have existed for a minimum of one (1) year, and have a proven track record of affordable housing creation.
▪ Entities that are proposing the creation of affordable housing and have applied for Low -Income Housing Tax Credits (LIHTC) or funds through the U.S. Department of Housing and Urban Development (HUD) including Community Development Block Grant (CDBG) or the HOME Investment Partnerships • HOMESTEAD - Properties that the applicant must rehabilitate or build new construction to be used as their primary residence for a period of not less than two (2) years after the release of Homestead Properties may include improvements or be vacant lots.
New construction must be a permanent improvement that will add to the assessed value of the property. Applicants may be required to secure variances or rezoning approval prior to closing.
Com panies, partnerships, corporations, and non -profit organizations are not eligible purchasers of Homestead Properties • STANDARD - Properties that the applicant must rehabilitate or build new construction and may be used as a rental property or resold to other buyers once the project agreement is released. Standard Properties may include improvements or be vacant lots.
New construc tion must be a permanent improvement that will add to the assessed value of the property. Applicants may be required to secure variances or rezoning approval prior to closing. Individuals, companies, partnerships, corporations, and non -profit organizations are all eligible purchasers of Standard Properties.
Applicants may apply for a waiver from the new construction requirement for 6 vacant lots. Waiver applications will be evaluated through the lens of what is the highest and best use is of the property . • SIDE LOT – Properties that are available exclusively to adjacent property owners.
These properties do not require immediate development and may be used for gardens, side yards, parks or held for investment. The SLP s only include s vacant lots.
Buyers must maintain the property, remain current on all property taxes and levies, and comply with all local and state o Properties eligible for the Side Lot program are evaluated by DMD Staff based on the ▪ Development activity within a 1/2 a mile within the past 18 months; • Fewer than 2 percent of properties with 3 or more development permits ▪ Duration of time in the Land Bank inventory; • Greater than 2 years in the inventory ▪ Physical Characteristics of the property Individuals, companies, partnerships, corporations, and non -profit organizations are all eligible to apply to purchase property through Vacant to Vibrant, subject to the restrictions above.
Applicants must disclose any ownership interest or affiliated party with an ownership interest in property in Marion County. Applicants who fail to disclose property ownership, affiliated interests, or whose affiliated parties would be ineligible applicant s may also be determined to be ineligible. DMD may require additional documentation prior to processing an application.
Applicants and affiliated parties must be current on all Marion County property taxes and assessments. Any penalties, interest, judgements, or other costs owed to the City of Indianapolis, Marion County, or any subdivision must be paid in full before DMD w ill act on an application. Applicants appealing property tax assessments shall be considered eligible if in compliance with the property tax appeal process.
Vacant to Vibrant may require additional documentation, including proof of payment, prior to processing an application. Applicants and affiliated parties must not have pending violations or civil penalties issued by Health and Hospital Corporation or the Department of Business and Neighborhood Services. Vacant to Vibrant may require additional documentation prior to process ing an application.
7 Applicants that own or have an ownership interest, directly or indirectly, in rental property must be registered with the City of Indianapolis' Landlord Registry before Vacant to Vibrant will act on an application. Information regarding the registry can be found on the city's website: HERE .
Applicants will be deemed ineligible if any of the following apply: • Applicant or affiliated party is currently out of compliance with a Land Bank Project Agreement, or other Agreement with the City of Indianapolis, or has been substantially out of compliance within the last 5 years; • Applicant provides substantively inaccurate information in its application or misrepresents itself to DMD staff; • Applicants or affiliated party were owners of record of a property at the time that tax foreclosure proceedings were initiated by Marion County; or, • Applicant or affiliated party was the owner of any real property in Marion County at the time it was transferred to the County or to a unit of local government as a result of tax foreclosure proceedings, pursuant to I.
C. 36 -7-38 -16 Vacant to Vibrant reserves the right to bar parties from applying to purchase properties through the program for non -compliance with the Policies and Procedures or Project Agreements. Applications to acquire properties may be submitted online HERE .
Paper applications are available upon request. Once an online application is started, Applicants must complete and submit the application within 90 days, or it will be deemed inactive. The application includes required fields and supporting documentation.
Applicants may apply for multiple properties provided they can demonstrate capacity to successfully acquire and simultaneously develop multiple properties in accordance with the terms of a Project Agreement. Applicants are limited to three active Project A greements at a time. Applicants should only apply for the property or properties they wish to purchase.
Applicants requesting multiple/3 or more properties may be considered on a case -by -case basis and shall be evaluated based on: • History of successfully developing Land Bank properties; • Proven capacity and sufficient funding necessary to carry out simultaneous projects; • Portfolio of experience commensurate with the application; and, • Alignment of the proposed project with any adopted redevelopment or quality of life Applications for all properties except Side Lots must include a complete scope of work to be considered complete.
Scopes of work must include a detailed description of proposed improvements to be made to the property, an estimated cost of materials, and an estimated cost of labor. Templates for the scope of work are available HERE . Floor plans, elevations, a scaled site plan, and schedule of values are required for new construction projects.
Applicants who intend to perform some , or all , of the proposed work themselves or have materials on hand should designate so on the scope of work, with a corresponding dollar amount in the project budget. Applicants may be required to complete a visual inspection of the property prior to closing on the property.
Showings can be requested by sending an e-mail to the following address: Applications must include proof of funds sufficient to acquire and complete the proposed scope of work.
Acceptable documentation of proof of funds include: • Pre -approval letter from a lender; • Existing loan statements (e.g. HELOC); • Affidavit from a third -party investor (may require additional documentation); or, • Personal affidavit for qualifying costs for properties priced under $10,000 . Applicants relying on pre -approval letters may be required to close on the loan on or before the date of the property closing.
Applicants may replace the source of funding up to the date of closing, provided it is sufficient to acquire and complete the pro posed scope of work. Paystubs and tax returns are not accepted as proof of funds. Homestead Applications for properties priced below $10,000 may use a personal affidavit as proof of funds for the full amount of the scope of work.
Applications for new construction must include Architectural Plans. These plans should include a scaled site plan , floor plans , and elevations . These plans will be evaluated by city staff including the City Architect.
Plans should conform to and will be evaluated based on the Infill Housing THIRD -PARTY AUTHORIZATION If someone is completing an application on the applicant’s behalf or representing the applicant, such as a Realtor ™, a translator, a family member, or a friend then the applicant and that person will need to complete a Third -Party Authorization Form, which can be found HERE and must be completed and uploaded to the application.
Vacant to Vibrant uses market -based pricing, informed by comparable sales in the area from the previous 12 months, and adopted by the Department of Metropolitan Development . Prices are non -negotiable. Properties will be sold for the listed price as of the day an application is started in the online system or received in paper.
Vacant to Vibrant may adjust prices from time to time. Vacant to Vibrant will not adjust prices if an application has been initiated or is pending. Vacant to Vibrant will not take action on any application for a property subject to a price adjustment for a period of at least 30 days from the date of approval of the price adjustment.
Vacant to Vibrant may add or remove property from availability from time to time at its discretion. The availability status of a property will not be changed if there is an active application pending or started in the system. Vacant to Vibrant promotes the development and preservation of affordable housing.
Applicants requesting property for use in a government -sponsored affordable housing program may be eligible to acquire the property at the Affordable rate. Applicants must complete the Affordable Housing Supplement and provide supplemental documentation about the program (s) through which the property will be developed.
For the purposes of this program, affordable housing must be limited to households earning at or below 80% of the Area Median Income as defined by the latest guidance available through the Indiana Housing and Community Development Authority, Income and Acquisition Limits. Applicants must provide the following: • Identify all forms of subsidy awarded or actively being requested. • Identify any Partnerships.
• Affordability Period (for rental projects). • Target income range(s) for end -users Applications are accepted on a rolling basis and time -stamped upon creation by the applicant and upon submission. Department of Metropolitan Development staff will review applications for completeness and request clarification or additional documentation if needed.
Applicants will receive written notice of approval or denial including explanation for denial. Applications completed by the first Friday of each month will be submitted to the Vacant to Vibrant Review Committee ("Committee") for review the following month. The Committee typically meets to evaluate applications on the second Tuesday of each month unless rescheduled.
Sale of City -owned property requires additional approval by the Metropolitan Development Commission (MDC), which meets on the first and third Wednesday of the month. Successful 10 applications for City -owned property will be recommend for approval to the MDC by the Vacant to Vibrant Review Committee.
Applicants whose request is denied will be notified in writing, including explanation for POST -FINAL APPROVAL TIMELINE Vacant to Vibrant will provide a purchase agreement to execute. All properties will be closed through a title company, which will ensure the title is free of defects. Quiet title actions may be required to clear title of imperfections, which typically take about ninety (90) days.
Approved applicants for new construction projects will need to submit their plans for architectural review to the following website , HERE . Design approval is required to proceed so please submit architectural plans as soon as possible. Homestead and Standard buyers must close within fourteen (14) days of receipt of clear title from the title company.
Extensions may be granted to allow for the buyer to finalize lender financing. Side Lot buyers must close within forty -five (45) days of final approval. Extensions may be granted on a case -by -case basis.
All homestead and standard transactions must close using a title company. Properties priced at $10,000 or more may require buyers to submit earnest money to the title company. Buyers are required to pay for all closing costs, including recording fees, title insurance policies, and other fees.
Property prices do not include closing costs, which vary by property. A bank -issued cashier's check issued to the title company is acceptable for transactions under $10,000. Wire transfers are required for all transactions $10,000 and above.
Bank -issued cashier's check can be made payable to The City of Indianapolis Department of Metropolitan Applicants who receive final approval and have signed a purchase agreement but fail to close may be assessed a termination fee. The parties shall execute a mutual release of the purchase agreement and the applicant may be prohibited from submitting future applications.
Failure to pay the required fee may result in a prohibition of an applicant applying in the future without first paying the mutual release fee. 11 The Land Bank offers purchase options for applicants that require additional time to secure funding, plans, or grants.
Applicants are limited to three (3) purchase options unless otherwise Applicants must request a purchase option at the time of application and submit a timeline for securing funding and other project details. Purchase options extend for a period of twelve (12) months and may be renewed on a case -by -case basis.
Upon exercising the purchase option, the applicant must submit proof of funds and full project plans for review by the Committee unless provided at the time of application. # SIDE LOT PROGRAM ( SLP ) Side Lots ( SLP ) are vacant lots that do not require the applicant to improve the property. SLP s may be used for gardens, side yards, or held for investment.
Applicants may only own or apply for five (5) SLP s at once.
Properties eligible for the SLP program are designated by DMD Staff based on the following • Market activity within a 1/2 a mile within the past 18 months; • Duration of time in the Land Bank inventory; • Physical limitations of the property (i.e. size, access, utilities); Waivers of the development requirements for Homestead and Standard lots are available by request only and evaluated on a case -by -case basis.
If approved, the waiver does not change the Complete, competing applications for SLP properties will be evaluated on a first -come, first - SLP s may be transferred through a quitclaim deed with an attached Project Agreement and, if required, an Assumption and Assignment Agreement, in which the buyer agrees to pay future taxes and maintain the property. The buyer will not be obligated to develop t he property.
13 The Vacant to Vibrant program seeks to return vacant and abandoned property to productive use and ensure properties are successfully redeveloped.
Purchasers will be required to enter into a project agreement that captures the rights, responsibilities, and obligations of acquiring a Vacant PROJECT AGREEMENT - STANDARD AND HOMESTEAD PROPOSALS Project agreements include requirement to commence improvements immediately, a 24 -month deadline for completion of development activities, a list of improvements to be made to a property, and corresponding benchmarks.
The project agreement will include the approved scope of work and detailed architectural plans provided by the applicant. Properties subject to an active project agreement may not be transferred to new owners. Buyers will be required to submit a semi -annual (twice/year) report on the status of the project.
Upon completion of the scope of work, the buyer must request a release of the project agreement, which will only be granted after a physical inspection or submission of completion photos of the property. Buyers who fail to fulfill their obligations under a project agreement may be subject to corrective action including reversion of ownership of the property to the City of Indianapolis, Department of Metropolitan Development.
Buyers are strongly encouraged to communicate any potential violation of the project agreement immediately, including: • Failure to complete the project on time; • Failure to pay taxes and/or penalties; • Failure to submit a semi -annual report; • Altering the scope of work without the written consent; • Engaging in any illegal activity at the property; • Failure to commence the project within 12 months of closing; or, • Transferring the property without written authorization.
Transferring ownership interests in a property purchased through Vacant to Vibrant while the project agreement is in effect is strictly prohibited and may result in the City repossessing the property without compensation to the owner. Please contact DMD St aff with questions regarding post -closing transfers and associated fees. 14 # FAQ’S – FREQUENTLY ASKED QUESTIONS Are Vacant to Vibrant property showings currently offered?
No, currently , we are not offering property showings except for special circumstances. If you believe you require a showing you are welcome to request one by sending an e -mail to A land bank is a public entity with unique powers to put vacant, abandoned, and deteriorated properties back to productive use according to community goals.
A land bank’s primary purpose is to acquire properties that some call “blighted” and temporarily hold and take care of them until they can be transferred to new, responsible owners. State laws give land banks their unique powers.
While these powers vary state to state, ideally land banks can: acquire tax -foreclosed property cost -effectively; flexibly sell property to a responsible buyer or developer, driven not by the highest price but by the outcome that most closely aligns with c ommunity goals; extinguish liens and clear title; and hold property tax exempt. (Source: Center for Community Progress ) When are applications due?
Applications are due on the first Friday of each month to be reviewed the following month. For example, to be reviewed in May, you must submit your application by the first Friday in March. How long does the application process take?
The application process timeline varies, but on average it will take 8 to 11 weeks, depending on when you submit your application relative to the deadline. Also, title companies may need more time to conduct a title search on some properties. What does the Application Process Involve?
The application process involves the submission of a completed online application, including scope of work and proof of funds. Once all the materials have been submitted, the application is put forward for review by the Vacant to Vibrant Review Committee.
If approved, the application is presented to the Vacant to Vibrant Board, after which, if approved, the application will go before the Metropolitan Development Commission for final approval. For a detailed timeline see Can I see the inside of a house, and do I have to see it before applying? Yes, you can schedule a viewing through our website.
Once a request is submitted, you will be contacted by the city. Please be patient, as we get a lot of requests and have a limited number of people to do showings. It is highly recommended that you view a house prior to applying.
It is important to understand the needs of the house for the scope of work that you submit with your application. Not viewing the house will impact the quality of your application and may re sult in a denial. Since the process is an application process and you must receive approval to buy a property, you will not pay anything until you have received final approval.
Once you get final approval, you will pay a processing fee. Buyers will pay for the property and other associated costs at the closing when the property is signed over to the end -buyer. Why do I have to pay a processing fee?
The processing fee serves two purposes. The first is to help in administrative costs as we are a nonprofit organization. The fee is used to offset the maintenance of the property and to cover processing the paperwork and other aspects of the closing process on our end of the transaction.
The second purpose is to ensure that buyers will close; since so many resources go into the applica tion process on our end, should someone decide not to close on a property, all our work and effort will have been for nothing. We appreciate your understanding on this issue. After I close, will I own the property, or will the City hold the deed?
Once we close, the property is yours. However, attached to the deed is a Project Agreement, which is a contract that stipulates the buyer’s obligation to maintain the property, pay the property taxes, and, if applicable, complete the proposed project withi n 24 months according to the scope of work and detailed architectural plans submitted with the application.
Once the project is completed, contact The Department of Metropolitan Development to have the Project Agreement Released. Failure to release the project agreement will prohibit the transfer of the property in any way to anyone. What if I can’t complete my proposed project within the 24 months?
Failure to fulfill your project agreement within the 24 -month timeline may result in The Department of Metropolitan Development taking back the property. To avoid this, we recommend communicating with us as soon as possible that you will not be able to meet the How often do you update your website? Our property listings are updated in real -time.
How can I get a list of properties? You can see the properties we have on our website , either on the interactive map or by downloading a spreadsheet. If you can’t access our website we can provide you with a printed list, although it will be out of date quickly.
16 Can I sell or transfer my Vacant to Vibrant -purchased property while the two -year project agreement is attached to the deed? In short, no. Properties that are purchased from Vacant to Vibrant have a project agreement attached to the deed. The project agreement is a contract between the City and the buyer.
If a buyer tries to sell or transfer the property, the Department of Metropolitan Development (DMD) is notified by the title company or the assessor’s office. If a property has been transferred before the project agreement is released, DMD will contact all parties and may seek to have the property returned to DMD and the title c ompany could seek damages from the original buyer. How can I qualify to apply for a property?
Broadly speaking anyone or any entity can apply for properties. However, eligibility depends on current property tax status and whether you have any outstanding code violations on properties owned either by you, your spouse, or company. I submitted an application after the monthly deadline, what happens?
Application deadlines are always the first Friday of the month to be considered the following month . If you submit after that, the application (if the property is still available ) will go forward in the following cycle . Yes, you do run the risk of the property becoming sale pending during that time if someone submitted a viable application before the deadline.
Moreover, from the first Friday deadline to the Review Committee meeting on the second Tuesday of the following month, the property will continue to be “available” until a decision is made during the Review Committee meeting, after which the property will become “sale pending” or remain “available. ” However, you can see whether a property has been scheduled for the Review Committee by contacting DMD staff
According to the current listing, eligibility includes: Not-for-profit entities with affordable housing creation in their mission, existing for a minimum of one year, with a proven track record of affordable housing creation. Confirm the full requirements in the official notice before applying.
Vacant to Vibrant (V2V) Indianapolis Land Bank Program (Affordable Housing Creation) is funded by City of Indianapolis Department of Metropolitan Development (DMD). Verify program details on the funder's official page before applying.
This opportunity targets applicants in Indiana. If your organization operates elsewhere, check the official notice for location requirements.
Applications go through the funder's official portal — the Apply Now link on this page goes there directly.