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 $24,000 and the maximum amount to repair a home is $10,000.

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:

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The program is first-come, first-served.

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A limited number of home purchase or home repair forgivable loans, or incentives are available*.

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Income and eligibility restrictions apply**. See the FAQ section for more details.

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You can participate in the program one time.

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Homebuyers in the INHP program must take a homebuyer education class. Learn about the class and related costs here.

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Homebuyers in the INHP program must participate in pre-purchase homeownership advising. Learn about advising and related costs here.

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Unbiased loan officers will help you compare interest rates, and down payment and loan terms. Learn about advising and related costs here.

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Current homeowners in the approved area could qualify to receive funding for exterior improvements.

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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.