Adams County seeks to expand housing, help homebuyers with new program
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The Adams County Economic Development Corp. is launching a program designed to not only expand housing throughout the county but also provide financial assistance to homebuyers.
Executive Director Colton Bickel says the Hoosier Homes initiative is targeted at both first-time homebuyers and current homeowners looking to find a new home.
“It will offer up to 5% down payment assistance for you,” said Bickel. “So it’s just a way to help, essentially, that barrier to entry.”
Bickel told Inside INdiana Business the launch of the program follows a year of study on how to address the housing issue in Adams County.
“We’ve had incredibly low unemployment rates and know that for us to kind of grow our labor force, we need more people in the community; to do that, they needed housing,” he said. “So we wanted that aspect of it, which was more of the physical need to build homes. But we know along with that is providing opportunities for them to be able to find funding assistance as well, because just because you build it doesn’t mean they can afford it.”
To do that, the organization partnered with Fort Wayne-based Club 720, which has developed an app to help people access financial tools and resources, including Hoosier Homes. And Bickel said it also allows his agency to get an idea of the types of homes that residents are looking for.
Bickel said a recent market analysis shows the county could add and fill between 70 and 90 new housing units each year, and that could be a mix of single-family homes and multi-family units.
“This expansion is not just about building homes, but about nurturing a thriving, vibrant community where everyone has the opportunity to own a home,” the EDC said in a news release.
The Hoosier Homes program is specifically designed to address challenges faced by Millennials, who represent approximately 75% of the potential homebuyers in the county, according to the EDC. The down payment assistance, it said, could help those individuals who may be hindered by college debt and struggle to save for a down payment.
In addition to the down payment assistance, the program also offers 30-year fixed-rate mortgage options for homebuyers.
To be eligible for the program, homebuyers must have a minimum credit score of 620, an income level of $115,780 or below, and be looking for a property in Adams County. First-time homebuyers must also complete a homebuyer education course.
Bickel said the EDC’s current focus is to increase awareness of the program to build a pipeline of homebuyers in the county. He also hopes construction of new housing projects could begin later this year or early next year.