Congratulations! Your employer is participating in Indianapolis' inaugural anchor housing program. This program offers employees from selected Indianapolis businesses financial assistance to help purchase a home in the neighborhoods around their employer. Current homeowners already living near their employer can use the financial assistance to make selected home repairs.
Your employer's anchor housing program offers employees interested in buying a home near their employer down payment assistance. It also offers financial assistance to homeowners already living near their employer to repair their home's exterior.
Here's how it works: Your employer's program provides a five-year, forgivable loan to purchase or repair a home within the geographic boundary your employer selected. 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.
If you are purchasing a home, unbiased loan officers will help you compare interest rates, down payment and loan terms so you can choose the right loan for you. If needed, INHP offers pre-purchase homeownership advising. Click here for information about advising and related costs.
If you are purchasing a home, you will be required to take a homebuyer education class, provided by INHP. Click here for information about the class and related costs.
* Income and other eligibility restrictions apply. See the FAQ section below for more information. Rates and terms are subject to change without notice.
Community Hospital East 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 your employer 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 Memorial High School
University of Indianapolis
Any 0.6 FTE Community Health East employee eligible for benefits through their employer and in good standing can participate in this program.
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: To be program eligible, homeowners must currently live in the selected geography; must be current on property tax payments and mortgage payments; and homeowner’s insurance coverage must be up to date and/or paid current to participate in the program. Proof of current homeowner’s insurance coverage is also required.
To participate in the homebuyer program: 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.
To participate in the repair program: 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 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 60 days from the date of closing.
Yes, you can participate in this program.
To participate in the homebuyer program: 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.
To participate in the repair program: Property tax payments, mortgage payments and homeowner’s insurance coverage must be up to date and/or paid current to participate in the program. Proof of current homeowner’s insurance coverage is also required.
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.
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.
If your home becomes uninhabitable due to fire, vandalism or an 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.
Yes. INHP offers additional home purchase and repair programs. Info about INHP’s programs is available at inhp.org.
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.
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 firstname.lastname@example.org.
INHP is offering a new affordable home loan option that may help CHE 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).
CHE 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 $63,000 in interest over the life of your loan.
Visit INHP.org/che. 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.
While you wait for enrollment to open, you can sign up to receive information from INHP about:*
*By selecting the options above you are authorizing INHP to contact you.