State Agency Announces New Lower Interest Rate for Homeownership Program

“Helping all Hoosiers secure safe and affordable housing is at the heart of our agency’s mission,” said Sherry Seiwert, Executive Director of IHCDA. “We are committed to helping families accumulate assets and climb the economic ladder. We understand that affordable home ownership can transform communities and change lives. As families become more financially stable, they put down roots in neighborhoods, spend their money locally, and contribute to the local tax base.”

IHCDA’s First Home Program allows first-time homebuyers or buyers purchasing a home in certain rural communities and inner-city neighborhoods to purchase at an interest rate below the market rate. Qualified Hoosiers may contact a participating lender to qualify for the program. A listing of participating lenders is available on IHCDA’s Web site at www.indianahousing.org.

In 2006, IHCDA’s First Home Program provided more than 2,600 single-family loans for first-time homebuyers. These loans, totaling more than $252 million, are expected to generate in excess of $4.5 million in annual property taxes. The First Home program has helped more than 7,600 Hoosiers become homeowners since 2000. This year, IHCDA expanded the current First Home Program to allow veterans to take advantage of first-time homebuyer below-market interest rates, while waiving the first-time homebuyer requirement.