Here is another example on how "Obama Bucks" are reaching our community! Can you believe it? If you buy and live in your first home (in three years) for ten years, and it is a foreclosed property you can get an $8,000 tax credit, a $15,000 gift check from the IHCDA, and another $10,000 zero interest loan from Federal Home Loan Bank of Indianapolis. That's $33,000 dollars!!!
Lt. Governor Becky Skillman and the Indiana Housing and Community Development Authority (IHCDA) is offering up to $25,000 in zero-interest, non-amortizing loans for Hoosiers to purchase foreclosed homes. Hoosiers who buy foreclosed homes to use as their primary residence can qualify for a $15,000 loan from IHCDA's Market Stabilization Fund. The Federal Home Loan Bank of Indianapolis has committed to supply matching loans of up to $10,000. The money comes from HUD's Neighborhood Stabilization Program (NSP), which allocated $84 million to IHCDA. The state will use $33 million of that allocation for the Market Stabilization Fund. Assistance from this fund will be made available to income-qualified individuals and families who choose to purchase foreclosed homes in areas of the state in greatest need of assistance. Indiana is the only state using NSP money in a statewide program to help people buy foreclosed homes.
Quickly, one of the best benefits is that this loan may NOT HAVE TO BE REPAYED!! There is way too much information about this to put in this blog. However, click here for more information from MIBOR (Metropolitan Board of Realtors). Now, for first time homebuyers lets couple the tax benefits along with this and really make a great deal!
I wanted to get this information out to my clients and blog visitors. I have been asked about this program quite often. Here is a quick link to more information from the State.
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