Citizens Energy Group has been helping redevelop neighborhoods and fuel economic development for nearly 30 years through its Investment Collaboration on Neighborhoods (ICON). ICON provides low-interest gap funding to non-profit organizations in the form of short-term loans.
Founded in 1995 under the leadership of former Citizens President & CEO David Griffiths, ICON’s purpose is to support community redevelopment through public/private partnerships and non-profit loans.
“ICON’s purpose aligns with Citizens’ mission as a Public Charitable Trust dedicated to enhancing quality of life and economic development in the communities we serve. Joining with other community partners, Citizens provides low-interest loans for neighborhood redevelopment projects, affordable housing initiatives, and commercial and retail developments,” said J.P. Ghio, Vice President, Energy Operations at Citizens and chair of the ICON Board of Directors.
Ghio explained that ICON plays a vital role in supporting local non-profits already working to redevelop disadvantaged communities. “With so many community development corporations (CDCs) and other local nonprofits already providing vital services to underserved communities, ICON strives to help strengthen and support these efforts. Citizens, through ICON, is working to improve the quality of life for residents here in Indianapolis,” explained Ghio.
In addition to quality-of-life benefits provided through ICON’s efforts, Citizens achieves long-term benefits for its natural gas, water, and wastewater utilities with increased utilization of utility infrastructure and services in areas where many homes and businesses are abandoned. However, ICON funds do not come from revenue from utility customers.
Past investments include the Indy Fringe Theatre, Rivers Edge at Riverside Sub-Division, and The G.C. Murphy Building in Fountain Square.
Current and upcoming ICON projects include the construction of affordable housing in the Martindale-Brightwood neighborhood, affordable rental homes in Mapleton Fall Creek, and a community space in the King Commons neighborhood (via Aspire Higher Foundation).
A primary focus of ICON is affordable housing, though it also invests in projects encompassing economic development and neighborhood food ecosystems. Many loans go to CDCs, such as Westside Community Development Corporation and Martindale-Brightwood CDC.
More information about ICON, including a video about the program, can be found at Citizens ICON.
