Federal Home Loan Bank relaunches down payment assistance program
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The Federal Home Loan Bank of Indianapolis has announced it is relaunching its HomeBoost Down Payment Assistance program with an allocation of $5 million. The program is designed to assist minority and first-generation first-time homebuyers with down payment and closing costs.
The relaunch comes after the Bank paid out $2.5 million in assistance in just two months last year. The money helped 159 households in Indiana and Michigan become first-time homebuyers, the bank said.
“The success of last year’s pilot round clearly demonstrates the need and desire for programs like this across Indiana and Michigan,” MaryBeth Wott, senior vice president of community investment and strategic planning officer for the bank, said in a news release. “This program is a vital tool our members can use to help address homeownership gaps in their communities and across our district. The bank is thrilled to play our part in helping eligible households achieve their homeownership goals.”
This year, with double the money to distribute, HomeBoost has expanded the eligibility requirements and maximum funding amounts. The program will provide up to $25,000 in assistance to first-time homebuyers who identify as Black or African American, Asian, Hispanic, Indian American or Alaskan Native, and/or Native Hawaiin or Other Pacific Islander, or who qualify as a first-generation homebuyer.
In order to be eligible, households must also have a total household income at or below 120% of the local Area Median Income and intend to purchase a primary residence in Indiana or Michigan.
The program will launch on Aug. 14th, and assistance will be given out on a first-come, first-served basis. HomeBoost grant applications must be submitted on behalf of eligible households by a participating FHLBank Indianapolis member financial institution.