State mortgage assistance fund nears end
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The Indiana Homeowner Assistance Fund will close for applications Oct. 20, the state announced Thursday, since the program approaches its allotted amount of funds available.
The mortgage assistance fund was created to assist homeowners during the pandemic using a grant from the American Rescue Plan Act and started taking applications in February 2022.
Since its inception, the program has assisted over 9,100 Hoosiers with an average amount of $13,000 to pay bills like mortgage, ongoing mortgage payments and the payment of delinquent property taxes, homeowner’s insurance and homeowner association fees.
The Indiana Housing and Community Development Authority has evaluated that, with the amount dispersed, the number of pending applications and the support pending, the fund is nearing its total funding amount.
After Oct. 20, the application portal will close, and homeowners can join a waiting list for when funds become available.
Awards are limited to one per household and are given in a five-year forgivable, interest-free loan.