Crown Hill Heritage Foundation is participating in Indianapolisâ€™ inaugural anchor housing program. This program offers financial assistance to purchase a home in a designated geography. Current homeowners already living in the programâ€™s designated neighborhoods may be able to use the financial assistance to make exterior home repairs.
Hurry! This program is first-come, first-served, and expires when the financial assistance fund is used up.
Crown Hill Heritage Foundationâ€™s anchor housing program offers down payment assistance to people interested in buying a home near southern Butler-Tarkington and portions of four historic Midtown neighborhoods that intersect at Maple Crossing (38th and Illinois streets). It also offers financial assistance to people who already live in this area, and who are interested in making exterior home repairs to the home they already own and occupy.
Hereâ€™s how it works: Crown Hill Heritage Foundation provides a five-year, forgivable loan to purchase or repair a home within a pre-determined geography. 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.
Interested in participating in Crown Hill Heritage Foundationâ€™s anchor housing program? Hereâ€™s what you need to know:
Homes must be located within the neighborhood boundaries Crown Hill Heritage Foundation approved.
You can participate in the program one time.
The program is first-come, first-served. A limited number of home purchase or home repair forgivable loans are available. Income and other eligibility restrictions may apply. *
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.
If you are purchasing a home, unbiased loan officers will help you compare interest rates, down payment requirements 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.
Repairing your home? You could qualify to receive help from INHP to select contractors. INHP will also help make sure the contactor completed the work proposed.
* See the FAQ section below for more information. Rates and terms are subject to change without notice.
Crown Hill 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.
Crown Hill Heritage Foundation is collaborating with other area businesses to encourage people to invest in nearby neighborhoods. Strong neighborhoods mean strong cities. A vibrant community is important because keeping and attracting people is one of the most important strategies to achieve long-term regional economic development. When people move, they take a piece of the economy with them. Vibrant cities retain their residents and experience consistent economic growth.
First, you must be willing to purchase a home or currently own a home within the designated program area. Second, income limitations apply: You must be below 120 percent of the area median income (AMI) as determined by The Department of Housing and Urban Development (HUD). INHP will help you determine your income eligibility.
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 homeownerâ€™s insurance coverage must be up to date and/or paid current.
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 homeownerâ€™s association (HOA) does not maintain your homeâ€™s exterior.
This program allows you to make improvements to your homeâ€™s exterior. Improvement projects may include:
Door and window repair or replacement
Gutters and downspouts
Siding and trim repair
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 before 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 the 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 homeownerâ€™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, youâ€™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 Crown Hill Heritage Foundation 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 live in your home for five years after your loan closes. If you canâ€™t 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. Each year, program participants will be required to submit proof of occupancy, insurance and payment of property taxes to INHPâ€™s lending department to remain in compliance with the loan agreement.
If your home becomes uninhabitable due to fire, vandalism or an act of nature, youâ€™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 INHPâ€™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 and the lien released. 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.