Reclaim abandoned properties with INHP’s Rehab Match program

INHP client Colte knew he wanted to live on the near eastside of Indianapolis because his family business Tomlinson Manufacturing is located nearby at the Circle City Industrial Complex. “When my company first moved here, we knew there were a lot of homes being redone in this neighborhood,” he said.

However, even with Colte’s skills in home construction and rehabilitation, he didn’t know if he would be able to realize his dream of homeownership near his family business because he lacked access to funds and financing. He had heard of down payment assistance programs and special financing for the area, but he didn’t think he would qualify for assistance. “NEAR (Near Eastside Area Renewal) was offering assistance to low-income families to buy homes, but I wasn’t even making enough money to be considered low income,” Colte said.

That’s when a NEAR representative suggested INHP. INHP offers qualified homeowners affordable financing so they can live in a safe, decent and affordable home and works with Community Development Corporations (CDCs) like NEAR to provide up to $15,000 in loan forgiveness to people who purchase an abandoned home in designated Indianapolis neighborhoods and plan to skillfully perform some of the repairs on their own and live in and maintain the home for five years.

With help from INHP, Colte was able to purchase an abandoned property for less than $5,000 and access an INHP sweat equity forgivable loan to offset some of the costs.

Colte said his passion for rehabilitating properties began at an early age when he had the opportunity to help his dad renovate their family home. “At the age of seven, I was working on a house.” Colte will apply his technical skills to install the insulation, flooring, tile and cabinets, and INHP will match his effort dollar for dollar.

Colte said he has witnessed a great deal of growth in the neighborhood in the year and a half since he purchased the house, pointing out several homes on his street that have undergone changes and improvements.

“The value has gone up in the neighborhood,” Colte said, adding that he has received six offers to purchase his house as-is. He said it was tempting to consider selling the property and making a profit. However, he said he knows INHP and NEAR are working toward long-term, sustainable homeownership, not flipping properties, and as part of the Rehab Match sweat equity loan program, he agreed to live in the home for five years before selling. “INHP wanted me to invest in my own property. I get to do quite a bit of work. It will be exciting.”

INHP’s Rehab Match program might be right for you if you’re considering purchasing a vacant or abandoned home and performing some of the repairs on your own. If you’re not sure you want to do the rehab work yourself, check out a second program called Home Value Guaranty. Ready to learn more?

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