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ResourcesIndianapolis Neighborhood Housing PartnershipGet Ready to Own a HomeIndianapolis Neighborhood Housing Partnership (INHP) offers educational programs and one-on-one advising to prepare clients for homeownership, as well as assistance finding and closing a mortgage. They offer courses on money management, credit improvement, and how to sustain homeownership. INHP can help you answer questions like...
Learn more by filling out INHP's online registration form at www.INHP.org. Click "Get Started" to register. Once they receive a completed form, an INHP representative will contact you to discuss your options. You also can contact them by telephone at 317-610-HOME. (Be sure to tell them the City Gallery sent you!) Neighborhood Stabilization Program (NSP)Incredible Incentives for Home-BuyersDid you know you could be eligible to receive huge subsidies on new and completely rehabbed homes in Indy's core urban neighborhoods? Offered through community development corporations, fully renovated homes are as low as 50K. These great deals are only available through 2013 in neighborhoods such as Mapleton-Fall Creek, King Park, the Near Eastside, and Fountain Square. What is a CDC?Community development corporations (CDCs) are non-profit organizations that help revitalize neighborhoods through affordable housing, economic development, and resident engagement. What is NSP?The Neighborhood Stabilization Program (NSP) was started by the US Department of Housing and Urban Development (HUD) to allocate federal tax dollars to state and local governments. NSP was approved under the Housing and Economic Recovery Act of 2008 (HERA). How does NSP work?Through a competitive bid process by the State of Indiana and the City of Indianapolis, local CDCs have been awarded NSP funding for the specific purpose of buying, building, rehabbing and selling homes in targeted areas most affected by foreclosures, neglect and abandonment. The NSP funds are passed along to buyers through a reduction in the sales price of the home in the form of a forgivable loan (aka, a subsidy). Funds are also available for down payment assistance. NSP won't last forever - these funds are only available through May 2013. Who is an "eligible buyer" for NSP homes?An eligible buyer is a household (comprised of one or more people) that qualifies for a home loan and has a combined household income at or below the specified NSP limits, 120% of Area Median Income (AMI), which is outlined in the chart below. Income limits may be 80% AMI or lower if NSP funding is combined with other federal program funds. Each CDC will be able to help explain their housing products and what you're eligible for, based on the income reported on your prior year federal tax return.
This seems too good to be true. What's the catch?Eligible buyers must stay in the home for a given period of time (known as the "affordability period"). The length of the affordability period is dependent upon the amount of subsidy the buyer uses. If a buyer wishes to sell the home before the affordability period ends they must repay a prorated amount of the subsidy or sell to another qualifying buyer. Wait! Can you explain AMI again?The Area Median Income (AMI) is used to determine the eligibility of applicants for federally and locally funded housing programs in a specific geographic area. In other words, it's a scale that sets the maximum limit that a household can earn to be eligible for a program, taking into account the number of people in a family. For example, 100% of the 2010 area median income for a three-person household in the Indianapolis area (Marion County) is $61,900, which means that 50% of the population earns more than $61,900 and 50% of the population earns less. Who is an "eligible buyer" for NSP homes?An eligible buyer is a household (comprised of one or more people) that qualifies for a home loan and has a combined household income at or below the specified NSP limits, 120% of Area Median Income (AMI), which is outlined in the chart below. Income limits may be 80% AMI or lower if NSP funding is combined with other federal program funds. Each CDC will be able to help explain their housing products and what you're eligible for, based on the income reported on your prior year federal tax return. How to Search on Your Own OnlineMetropolitan Indianapolis Board of Realtors (MIBOR)MIBOR.com has a searchable online database under the website's "Find A Property" page. Narrow your search to Marion County, then pick specific areas of Center Township. Hotpads.comHotpads.com has a helpful map feature. Choose whether to see homes for rent or for sale, then enter the city or zip code. Your search results will be displayed on a map. Zoom and click on properties to see details. |
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