Congratulations! Butler University is participating in Indianapolis’ inaugural anchor housing program. This program offers full-time employees financial assistance to help purchase a home in the neighborhoods around their workplace. Current homeowners already living within the geography may be able to use the financial assistance to make certain exterior home repairs.
Hurry! This program will only be available until amount of home purchase and/or home repair financial assistance is allocated.
Butler University’s anchor housing program offers down payment assistance to full-time employees interested in buying a home near campus. It also offers financial assistance to make exterior home repairs to full-time employees who own and occupy a home within the targeted geography.
This program is facilitated by the Indianapolis Neighborhood Housing Partnership® (INHP), and offered to you as an added employee benefit. For information about your current list of employee benefits, contact the human resources department.
Here’s how it works: Butler provides two program options for which benefits-eligible employees qualify.
Option 1: Butler employees with a household income below 120 percent of the U.S. Department of Housing and Urban Development (HUD) area median income will qualify for a five-year forgivable loan from INHP and Butler to purchase or repair a home within the designated neighborhood. So long as you remain eligible, each year, on the anniversary of the month you closed on your loan, 20 percent of the loan balance will be forgiven. After five years, the loan will be completely forgiven. The maximum amount of down payment assistance to purchase a home is $30,000 and the maximum amount to repair a home is $15,000.
Option 2: Butler employees with a household income above 120 percent of the U.S. Department of Housing and Urban Development (HUD) area median income will qualify for an annual incentive for up to five years, provided by Butler only, to live in the targeted neighborhood. All benefits-eligible employees qualify for this program regardless of income level. The maximum amount of incentive to purchase a home is $10,000 ($2,000 for five years); and the maximum amount to repair a home is $5,000 (a one-time, lump sum incentive).
Interested in participating in Butler’s anchor housing program? Here’s what you need to know:
The program is first-come, first-served.
A limited number of home purchase or home repair forgivable loans, or incentives are available*.
Income and eligibility restrictions apply**. See the FAQ section for more details.
Homebuyers in the INHP program must take a homebuyer education class. Learn about the class and related costs here.
Homebuyers in the INHP program must participate in pre-purchase homeownership advising. Learn about advising and related costs here.
Unbiased loan officers will help you compare interest rates, and down payment and loan terms. Learn about advising and related costs here.
Current homeowners in the approved area could qualify to receive funding for exterior improvements.
Current homeowners in the approved area could receive assistance from INHP with selecting contractors.
* Funds are limited and are not guaranteed. Depending upon the response and eligibility, funds cannot be guaranteed to be available to all full-time Butler employees.
**Income and other eligibility restrictions may apply. Household income must be at or below 120 percent of Area Median Income as defined by the U.S. Department of Housing and Urban Development to participate in the INHP program. See the FAQ section below for more information. Rates and terms are subject to change without notice.
Butler University Boundary Map
To be program eligible, the home must be located within the boundary your employer approved, identified by the map below. Not sure if the home qualifies for the program? Contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email firstname.lastname@example.org.
The anchor housing program is a way for Butler University to encourage their employees to live near where they work. Studies show that employees living closer to work have decreased transportation costs, which leads to increases in disposable income. Employees who invest in homes near their work also become more invested in their community. Increased community investment stabilizes or revitalizes neighborhoods. Strong neighborhoods mean strong cities.
The following area employers were selected to participate in the inaugural anchor housing program:
Community Hospital East
Christian Theological Seminary
Crown Hill Cemetery
Health and Hospital Corporation
International School of Indiana
The Jane Pauley Community Health Center
Lutherwood/ The Foundation for Lutheran Child & Family Services
Midtown Indianapolis, Inc.
Scecina High School
University of Indianapolis
Any full-time Butler employee eligible for employer benefits may participate in the program. Employees with household income below 120 percent HUD area median income are eligible for both program options, one and two; Employees with household income above 120 percent HUD area median income are eligible for option two only.
To participate in the homebuyer program: If you plan to finance your home through a bank, you must have a pre-approval letter before you can enroll in the program. If you plan to finance your home by paying cash, you do not need a pre-approval letter.
To participate in the repair program: Homeowners currently living in the selected geography must demonstrate that property tax and mortgage payments are up to date and/or paid current. Proof of current homeowner’s insurance coverage is also required.
For homebuyers: Down payment assistance loans may be applied to purchase a single-family residence, townhome, condo or duplex. You must also plan to live in the home as your primary residence to qualify.
For homeowners: To qualify, the home must be your primary residence/owner-occupied. A single-family home or duplex is eligible for the repair grant. Townhomes are eligible only if your homeowner’s association (HOA) does not maintain your home’s exterior.
This program allows you to make improvements to your home’s exterior. Improvement projects may include roof replacement; masonry restoration; door and window repair or replacement; exterior restoration; exterior painting; exterior lighting; gutters and downspouts; siding and trim repair; and street fronting site work (including landscaping, fencing, walks, etc.).
INHP will help you select qualified contractors or tradesmen to complete the repairs. All work must be approved by INHP and inspected prior to disbursement of funds. INHP will also help make sure the work completed meets requirements the proposal identified.
Program participants have 60 days from their program approval date to get an accepted home purchase agreement. Then, you have 60 days from the date of the home purchase agreement to close your home loan.
You may begin home repairs three business days after you have closed your home repair loan (after the Federally-mandated rescission period). Applicable home repairs must be completed 90 days from the date of closing.
Yes, you can participate in this program.
For homebuyers: INHP offers pre-purchase advising and homebuyer education to prepare you for homeownership. Please note that your employer’s financial assistance funds are first-come, first-served and cannot be reserved while you complete the program.
For homeowners: Property tax payments, mortgage payments and homeowner’s insurance coverage must be up to date and/or paid current to participate in the program.
Yes, you may use a home lender you select. All program participants interested in buying a home will be required to participate in homebuyer education and a lender option appointment. During the lender option appointment, you’ll receive a complimentary mortgage assessment with an unbiased INHP mortgage loan officer to review your lending options so that you can choose a home financing option that best meets your needs.
The level of down payment loan assistance for homebuyers or repair loan assistance for homeowners depends on your household income, number of people living in your home, and the amount or number of loans your employer has made available through this program. To learn how much assistance you may qualify for, call Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email email@example.com.
You will need to live in the home for five years to receive full loan forgiveness. Each year, on the anniversary of the month you closed on your home loan or home repair loan, 20 percent of the loan balance will be forgiven. After five years, the loan will be completely forgiven. Any amounts not forgiven must be repaid. For information about loan interest or accrued interest, speak with a licensed mortgage loan officer or contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email firstname.lastname@example.org..
For the INHP/Butler program (option one): Generally, you will be required to maintain continuous employment with your employer and live in your home for five years after your loan closes. If you can’t maintain continuous employment and live in your home for five years after your loan closes, you may be required to repay the unforgiven loan balance and any accrual of interest. In certain extenuating circumstances, the loan balance (and interest) may be forgiven (e.g., disability, death, reduction in force, etc.). Each year, program participants will be required to submit proof of insurance, employment and payment of property taxes to remain in compliance with the loan agreement. Additionally, an annual employee compliance check will serve as certification of employment status, ownership and residency.
For the Butler-only program (option two): You must be an active, full-time Butler employee to receive the incentive payment.
If your home becomes uninhabitable due to fire, vandalism or act of nature, you’ll have 120 days to complete repairs or the structure will be considered abandoned. Then, the outstanding amount of the loan becomes due and the loan will convert to a note which is secured by a lien on the property. Check with INHP for more information.
Yes. INHP offers additional home purchase and repair programs. Info about INHP’s programs is available at INHP.org.
Yes! We recommend using a real estate agent in your home search. Agents who are members of MIBOR have access to Down Payment Resource, a tool that can be used to find qualifying listings in the approved area.
For the INHP/Butler program (option one): Yes. The lien is forgiven over a five-year period. Each year, on the anniversary of the month you closed on your home loan or home repair loan, 20 percent of the loan balance will be forgiven. After five years, the loan will be completely forgiven. Any amounts not forgiven must be repaid. For information about loan interest or accrued interest, speak with a licensed mortgage loan officer or contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email email@example.com..
For the INHP/Butler program (option 1): You may contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email firstname.lastname@example.org.. You may also contact your employer’s human resources department.
For the Butler-only program (option 2): You may email Anila Din, associate vice president for human resources, at adin@Butler.edu
For Additional Information, Contact Dave Nash
Questions about the boundary your employer approved, your eligibility to participate in the program or how to get started? Contact Dave Nash, INHP's mortgage lending sales manager, at 317-610-4641 or email email@example.com.
INHP is offering a new affordable home loan option that may help Butler employees save more money and own their home faster when they buy a home using the anchor housing program.
INHP's Mortgage Accelerator is a fixed-rate home loan that features a below-market interest rate and shorter loan term - as few as 20 years(1) - with little impact on the monthly payment. Traditional mortgages generally feature a fixed interest rate over a 30-year term(2).
Butler employees who want to purchase a home and qualify under existing program guidelines will receive up to $30,000 in down payment assistance, and they'll save money on interest when their loan payment term is reduced from 30 to 20 years.
How much could I save?
Let's say you purchase a home for $100,000. With INHP's Mortgage Accelerator, you could save nearly $65,000 in interest over the life of your loan.
Visit INHP.org/butler. Click the "Get started" button at the top right of the page and complete the form.
(1) Estimated loan terms are based on a $100,000.00 Purchase Price, $97,000.00 Loan Amount (or 3% down), plus .5% ($485.00) discount point, 1.65% interest rate (1.95% APR), $479.79 monthly principal and interest payment for 240 months. (2) Estimated loan terms are based on a $100,000.00 Purchase Price, $97,000.00 Loan Amount (or 3% down), 4.00% interest rate (4.252% APR), $463.09 monthly principal and interest payment for 360 months. (3) Income and eligibility restrictions apply. Rates and availability subject to change without notice. See your INHP mortgage loan originator for more details.
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