INDIANAPOLIS (March 22, 2012) – Families from two units at Indianapolis apartment community Stonybrook Commons, managed by Buckingham Companies, will live rent‐free for up to 18 months as part of a new partnership launched between Buckingham Foundation and the Indianapolis Neighborhood Housing Partnership (INHP), a local nonprofit that helps families prepare to become long‐term, successful homeowners.

While the families live rent free, they will participate in INHP’s Homeownership Preparation Program, which includes money management and home‐buyer education classes and access to experienced mortgage and credit advisors who guide them through the process of preparing for a loan and the steps to homeownership. 

In order to remain eligible for rent‐free living, the families must remain active participants in INHP’s program. Additionally, the money the families save on rent will be used toward reducing existing debt and building their savings for a down‐payment on a home when they complete INHP’s program.

“This partnership is a wonderful example of one of the ways Buckingham Foundation is aligning with community opportunities that benefit Indianapolis and the people who live here,” said Theresa Farrington Rhodes, Executive Director of Buckingham Foundation. “Buckingham has a rich history of supporting the Indianapolis community—focusing especially on supporting affordable housing opportunities, local cultural and arts initiatives, and other significant community needs.” 

“INHP’s mission and proven track record of preparing families for successful homeownership makes them the perfect partner for Buckingham Foundation and this exciting new initiative.”

The program kicked off this past January, when all Stonybrook residents were invited to an on‐site homeownership fair where residents could register for the INHP Homeownership Preparation Program and consult with a mortgage and credit advisor. Those interested in pursuing homeownership further began working toward their goal one on one with an INHP advisor in March. The recipients of the up to 18 months free rent will be randomly selected at the end of March for this once‐in‐a‐lifetime opportunity that allows them to save money and prepare for buying a home using INHP’s homeownership resources. Buckingham Foundation is underwriting the cost for its residents to participate in INHP’s program.

INHP and Buckingham Foundation have offered INHP’s “Successful Renting” and “Cash Control” classes at Stonybrook, free of charge to all residents—whether enrolled in the program or not. 

“We are delighted to partner with Buckingham for this innovative program,” said Moira Carlstedt, president of INHP. “This is a powerful collaboration that creates benefits for all involved—from INHP and Buckingham Foundation to Stonybrook residents, as well as Indianapolis neighborhoods that will ultimately gain from new homeowners prepared for long‐term success.” 

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About INHP 

The Indianapolis Neighborhood Housing Partnership (INHP) is the leading homeownership resource in Marion County dedicated to serving homeowners and homebuyers with low, moderate and middle incomes. As a trusted nonprofit, INHP has empowered thousands of working families for nearly 25 years to become and remain homeowners. This is accomplished through an effective blend of homeownership education, financial and mortgage advising and a variety of affordable mortgage and loan options to buy a home or make improvements. Our comprehensive homeowner and homebuyer services are designed to create and support homeowners who can sustain their investment in their homes—ultimately helping to strengthen and encourage the growth of vibrant Indianapolis neighborhoods. For more information, visit www.inhp.org.

About Buckingham Companies

Founded in 1984, Buckingham is a full service, fully integrated, real estate company that includes the development, acquisition, management and construction of a wide range of property types including multifamily, student housing and mixed‐use communities. Buckingham manages nearly $1 billion of real estate assets for its own account, clients and institutional partners. More than 100 properties consisting of nearly 15 million square‐feet of property, and approximately 15,000 rental units nationwide comprise the managed portfolio. Additionally, Buckingham Foundation annually supports more than 45 nonprofit and civic organizations through philanthropic outreach in the areas of affordable housing, community and economic development, and arts and culture. For more information, visit www.buckingham‐co.com. For more information on Buckingham Foundation, visit buckinghamfoundationinc.org.