Indianapolis Housing Agency Homeownership Program

The Housing Choice Voucher (HCV), funded by HUD, provides assistance for low-income families by paying participating property owners to offset the difference between tenant payments and rent. The HCV Homeownership Program helps eligible families who are interested in homeownership use their funds to buy a home instead of renting.

Eligibility Requirements
In order to receive assistance, the family must be a current HCV Participant with the Indianapolis Housing Agency (IHA) and must be in good standing. They must also be first-time homebuyers and meet the minimum income requirement of $15,000. This is to guarantee that all participants will have sufficient funds to pay homeownership expenses not covered by the subsidy. "Full-time employment" must be continuous for at least one year in order to qualify, although welfare assistance may be used for elderly and disabled families only.

HUD requires a minimum down payment of 3% of the purchase price, with at least 1% from the family's own personal resources, and the IHA requires that applicants have a minimum $3,000 in savings. Participants in the Family Self Sufficiency Program (FSS) with an escrow balance that meets or exceeds the minimum savings requirement will receive a priority for participation in the Homeownership Program.

Additionally, any family receiving assistance must complete the First Time Home Buyers counseling sessions and comply with the mortgage terms. They must notify IHA of any changes, such as sale or refinancing of the home, change in income and household number, or anything that would affect the family's ability to maintain the home.
 
Property Guidelines
Any property purchased under the HCV Homeownership Program must be either a single-family home or a single dwelling unit in a condominium or cooperative. It must be under construction or already existing. The home has to be pass inspection by an HCV Program inspector, and an independent inspector designated by the family. It must satisfy the General Home Inspection (GHI) criteria, and satisfy all Point of Sale (POS) inspections.
 
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.