November 22nd, 2013
From Abandoned Houses to Homestead
Every once in awhile, a really amazing program comes along to help people buy in Indianapolis downtown neighborhoods. In 2008, Indianapolis received 29 million dollars through the Neighborhood Stabilization Program to “mitigate the neighborhood effects of foreclosures” in five partner neighborhoods. Now, a new program will help buyers rescue abandoned properties in the Southeast and Near Eastside of the city. If you’ve been looking for an affordable way to move into Fountain Square or the up-and-coming Eastside neighborhoods, this might be your chance!
Megan Hart, watercolor and ink
“From Abandoned House to Homestead”
Is a program designed for lower and middle income individuals/families with an interest and knack for home rehabilitation.
INFORMATIONAL OPEN HOUSE
Friday, December 6th
SECS Youth Center, 924 Shelby
How the program works…
1. You buy an abandoned or vacant house at low cost ($1000-$6,000) from the city, county, or a Community Development Corporation.
2. You spend about $1500 to quiet the title.
3. You receive the forgivable loans (up to $10,000) necessary to stabilize the exterior of the property and retain the historical integrity of the property.
4. Once the house is stabilized, you have 18 months to finish the interior renovations and occupy the property.
5. You live in the house for five years and the loans are forgiven.
Who qualifies for this program?
1. You must make less than $37,450 a year as an individual, $42,800 as a couple, or $53,500 as a family of four at the time of the purchase.
2. You must have $2500-$7500 to purchase the property and quiet the title, although you may borrow these dollars from friends and family members.
3. You must have the experience and/or skills necessary to rehab a house.
What properties qualify for this program?
1. Properties must be within the Near East and Southeast neighborhoods of the city.
2. Properties must be abandoned or vacant.
3. Properties must have had a recent repair or demolition order.
(Those interested in the program will be assisted in identifying potential properties to purchase.)
For information, contact:
Brad Keen, 634-5079, ext. 101 or firstname.lastname@example.org.