INDIANAPOLIS – $100,000 is up for grabs to support the creation and preservation of wealth in black communities.

This is part of a grant from the African American Legacy Fund of Indianapolis, a donor-advised fund of the Central Indiana Community Foundation.

“The goal is really to empower black institutions to be a solution within our community,” said Marshawn Wolley, director of grants.

The grant is open to black-led, governed, and targeted 501(c)3 organizations that seek to address wealth creation and preservation activities in black neighborhoods, such as Martindale-Brightwood and Riverside for example.

“Wealth preservation involves looking at homes and dwellings. What we’re trying to do is basically keep people in their homes, or get people into their homes, especially in areas that could be gentrified,” he said. “It will look like homeownership repairs, maybe paying taxes, or even getting people into these neighborhoods, down payment assistance.”

“When it comes to the homeownership strategy, what we’re really trying to do is engage black neighborhoods,” he said. “Martindale-Brightwood, for example, they have a high homeownership rate there, but we can also understand that there might be a desire to do homeownership repairs, things of this nature.”

“With the Riverside area, we definitely see a lot of development, which is always good,” he said. “You always want to see development in communities, but you never want to see displacement, which is what people really think about when it comes to gentrification.”

Wolley said the goal is to help provide resources and support for black homeowners as these communities continue to grow and evolve.

Another component of the grant seeks to address financial literacy or wealth creation.

“On the wealth building side, we’re looking for someone who can help us with individual development accounts, and we’re really focused on 7e and 8e graders,” Wolley said. “We want to do financial literacy and really focus on a two-generation approach with the young person and the family, basically funding an account that they have decisions they can make at the age of 18, maybe be going to college, maybe starting a business, so they can be self-sufficient.

According to AALFI, grant applicants must submit a proposal that includes a project narrative outlining the approach to the following:

  • Develop community feedback on the program
  • An outreach plan including potential grassroots partners
  • Program Identification and Administration Fee
  • Key personnel who would administer the program or strategy
  • Data collection and communication strategy

“We’re also trying to make sure those organizations really have the capacity to deliver, especially on the data side, just making sure the program is effective,” Wolley said. “We want to understand if it works. If it works, great. If it doesn’t work, we want to understand that too, but the real goal is to try to make an impact.

For more information on how to apply, Click here. The deadline is October 15.