Indy artists might qualify to buy rehabbed homes for only $49,000. Here’s how.

(Photo By Michelle Pemberton/IndyStar)

INDIANAPOLIS, Ind. — People often talk about a cycle when it comes to urban revitalization. Artists come in to low-cost areas with vacant or abandoned buildings, set up studios and homes, and bring a cool factor that attracts more development. Then real-estate prices rise, and the artists who no longer can afford to live there pick up and move.

Breaking that cycle is what creative organization Big Car Collaborative had in mind with the seeds of its Artist and Public Life Residency five years ago in Garfield Park. Now, five Cruft Street homes are ready, at lower-than-market prices, for artists to own for the long term.

Thanks to a partnership among a pair of affordable housing support organizations —Riley Area Development Corp. and the Indianapolis Neighborhood Housing Partnership — as well as Big Car, artists who qualify can buy the homes for $49,000 to $72,000.

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