Grants and Programs

The Homeownership Opportunity Program (HOP) grant helps first-time homebuyers with assistance for down payment, closing costs, and counseling costs. Up to $10,000 per household may be requested.

To qualify for a HOP grant you must:

• be a first-time homebuyer* at or below 80% area median income;

• purchase a single-family home, condominium, duplexes, or modular unit;

• contribute a minimum of $1,000 towards the purchase of the home;

• complete a required state, HUD, or FHLBank Indianapolis-approved homebuyer counseling course - HOP funds may be used to cover the cost of counseling

• not allow total housing debt to exceed 38% of total household gross income

*Indiana residents only. Funding will be available on a first-come, first-served basis, until FHLBI grant allocation has been exhausted.

Homeowners that meet this program’s requirements can receive up to $10,000 in funding through the Neighborhood Impact Program (NIP) to make eligible repairs to their homes.

What repairs are eligible? Things such as water heater, siding, wall insulation, gutters, HVAC, windows, caulking, and more are eligible with the NIP program.

Requirements:

• Your gross household income must be at or below 80% Area Median Income (AMI).

• You must obtain a bid from two (2) independent contractors.

• You must provide all requested income and other documentation.

• All persons listed on the deed must live in the home (except for a child for estate planning purposes).

• You must have lived in the home for at least six (6) months prior to applying for NIP.

• Your mortgage and property taxes must be paid as agreed and current.

• Your home is a single-family home, condominium, duplex, or manufactured home with certain restrictions.

*Indiana residents only. Funding will be available on a first-come, first-served basis, until FHLBI grant allocation has been exhausted.

HomeBoost is a minority down payment assistance program that provides $15,000 in grant funding to first-time homebuyers purchasing a home in Indiana.

Who qualifies?

First-time homebuyers intending to purchase a primary residence in Indiana who:

• identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander;

• have a household income at or below 120% of the local Area Median Income.

*Indiana residents only

Kentucky Housing Corporation's (KHC) Downpayment Assistance Program (DAP) helps borrowers pay down payment, closing, and prepaid costs without spending money out of pocket on the purchase of new or existing properties.

Requirements:

• Purchase price up to $481,176 with Secondary Market? or Mortgage Revenue Bond (MRB) income limits.

• Assistance in the form of a loan up to $10,000 in $100 increments.

• Repayable over a 10-year term at 3.75 percent.

• Available to all KHC first-mortgage loan recipients.

*Kentucky residents only