The Anchor Housing program is a way for Indianapolis employers 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.

HHC’s Anchor Housing Program offers homebuyers down payment assistance to purchase a home in Marion County. Current homeowners already living in one of the two designated target areas can receive financial assistance to repair their home.

The program is offered to any part-time or full-time employee working for Health and Hospital Corporation of Marion County that has a household income below 120 percent of Area Median Income as defined by the U.S. Department of Housing and Urban Development (HUD). These employees are eligible for assistance from HHC and matching funds from INHP. Review the HUD Area Median Income guidelines here.

Program funds are first-come, first-served, or until Dec. 31, 2019. Homebuyers have two options: If they buy a home in Marion County, they could receive $9,646.50 in down payment assistance. Or, if they buy a home within one of the two designated areas, they could receive $12,862 in down payment assistance.

Current homeowners who already own a home within one of the two designated areas could receive $6,428 to make home repairs.

To qualify for the program, you must be a benefits-eligible part-time or full-time employee of Health and Hospital Corporation of Marion County, which includes IEMS, Eskenazi Health (including Midtown); Marion County Public Health Department; and HHC Headquarters.

Your household income must also be at or below 120% of Area Median Income, as defined by the Dept. of Housing and Urban Development. Credit restrictions also apply.

The easiest way to see if you qualify is to complete the form at the top of this page. Or, contact INHP at 317-610-4641 and speak with Dave Nash, INHP’s mortgage sales manager. You can also email him at dnash@INHP.org.

For homebuyers: INHP offers pre-purchase advising and homebuyer education to prepare you for homeownership. However, funds from your employer cannot be reserved while you complete the program.

For homeowners: Property tax payments, mortgage payments and homeowner’s insurance coverage must be in place and paid current to participate in the program.

Funds for both home purchase and home repair are first-come, first-served, or available until Dec. 31, 2019.

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. That means that if you sell your home before your five-year anniversary, you must pay the loan balance before you can transfer your home to its new owner.

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 dnash@INHP.org.

To purchase a home: Down payment assistance loans may be applied to purchase a single-family residence, townhome, condo or duplex. To qualify, the home must in Marion County and you must also plan to live in the home as your primary residence.

To repair a home: To qualify, the home must be in one of the two designated areas, and the home must be your primary residence/owner-occupied. A single-family home or duplex is eligible for the repair loan. 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 panting; 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 90 days from their program approval date to get an accepted home purchase agreement. Then, you have 90 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.

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 are unable to 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 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, a lien on the property will be filed to secure the home purchase or home repair loan. Each year, on the anniversary of the month you closed on your home purchase 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 will be released.

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 dnash@INHP.org.