$15,000 may be yours…
As part of the federal Housing and Economic Recovery Act of 2008, the U.S. Department of Housing and Urban Development created the Neighborhood Stabilization Program to mitigate the neighborhood effects of home foreclosures in areas of greatest need.
The Indiana Housing & Community Development Authority (IHCDA) is using $33.7 million of the state’s allocation from this legislation to administer the Market Stabilization Program (MSP). MSP is designed to help qualified Hoosiers purchase AND occupy foreclosed homes in targeted neighborhoods.
Do you qualify?
There are two steps to determine the answer:
First, find out whether the home you’re interested in is bank-owned AND in a targeted neighborhood, or an area of greatest need. Visit www.indianahousingnow.org and click on “Market Stabilization Program”. You will then be able to enter the home’s address*.
*Census block groups were used to identify eligible neighborhoods, making it difficult to show general areas on a map. It may be easier to consult your REALTOR® to begin a home search. Need a REALTOR®? Click here.
Second, find out whether your household income exceeds 120% of the area median income in the county in which the home is located (it cannot!). Visit www.in.gov/ihcda, click on “Home Buyers” and then “MSP Stand-Alone limits”.
I/We do not qualify.
You may qualify for other IHCDA programs. Visit www.in.gov/ihcda for information. And, talk with your REALTOR®. He or she will use their experience to show you all your options, as well as negotiate on your behalf. Need a REALTOR®? Find one here.
Congratulations, you are closer to receiving $15,000* for a down payment, buyer’s closing costs and/or required repairs.
*Not to exceed 20% of the purchase price
MSP requires qualified home buyers to:
More MSP Info: