Update – Federal Home Loan Bank of Indianapolis announces return of popular HomeBoost Down Payment Assistance Program with $5 million allocation
2024年7月19日 - 11:28PM
After exhausting $2.5 million in just two months in 2023, the
Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis or the
Bank) is relaunching the HomeBoost Down Payment Assistance Program
with double the allocation this year — $5 million to help with down
payment, closing and counseling costs for minority and
first-generation first-time homebuyers.
Launched in 2023, the special purpose credit program helped 159
households in Indiana and Michigan to become first-time homebuyers,
results that underscored the widespread need for such aid across
the Bank’s district.
This year, HomeBoost has more money available and features
expanded eligibility criteria and maximum funding amounts.
HomeBoost will provide up to $25,000 in down payment and closing
and counseling costs assistance to first-time homebuyers who
identify as Black or African American, Asian, Hispanic, Indian
American or Alaska Native, and/or Native Hawaiian or Other Pacific
Islander, or who qualify as a first-generation homeowner. Eligible
households must have a total household income at or below 120% of
the local Area Median Income and intend to purchase a primary
residence in Indiana or Michigan.
According to HUD’s Office of Fair Housing and Equal Opportunity
on Dec. 7, 2021, “the Black-White homeownership gap is wider today
than it was in 1968 when the Fair Housing Act became law.” The
Bank’s district of Indiana and Michigan is no different than the
national trends.
Additionally, mounting research has shown the stark effect that
parental homeownership status can have on young adults. Researchers
for a 2018 study on intergenerational homeownership by the Urban
Institute found that parental homeownership had a significant
correlating effect on young adult homeownership: even when
controlling for income, gender, race, marital status and other
common factors known to affect homeownership rates, young adults
whose parents owned a home were found to be statistically more
likely to own homes or prioritize homeownership themselves.
“The success of last year’s pilot round clearly demonstrates the
need and desire for programs like this across Indiana and
Michigan,” said MaryBeth Wott, SVP Community Investment and
Strategic Planning Officer. “This program is a vital tool our
members can use to help address homeownership gaps in their
communities and across our district. The Bank is thrilled to play
our part in helping eligible households achieve their homeownership
goals.”
Community Investment staff will host a program introduction and
training webinar to member financial institutions and related
community stakeholders on July 24, 2024. Interested parties may
register for the webinar on the Bank’s website.
The program launches in full Aug. 14, 2024. Households will be
assisted on a first-come, first-served basis until funds are
exhausted. Only participating FHLBank Indianapolis member financial
institutions may submit HomeBoost grant applications on behalf of
eligible households.
Learn more about HomeBoost and other community and housing
programs offered by the Bank at www.fhlbi.com.
Media contact information:For more information,
contact Katherine Marshall, Corporate Communications Specialist, at
kmarshall@fhlbi.com.
Federal Home Loan Bank of Indianapolis: Building
Partnerships. Serving CommunitiesFHLBank Indianapolis is a
regional bank in the Federal Home Loan Bank System. FHLBanks are
government-sponsored enterprises created by Congress to provide
access to low-cost funding for their member financial institutions,
with particular attention paid to providing solutions that support
the housing and small business needs of members' customers.
FHLBanks are privately capitalized and funded, and they receive no
Congressional appropriations. One of 11 independent regional
cooperative banks across the U.S., FHLBank Indianapolis is owned by
its Indiana and Michigan financial institution members, including
commercial banks, credit unions, insurance companies, savings
institutions and community development financial institutions. For
more information about FHLBank Indianapolis, visit www.fhlbi.com
and follow the Bank on LinkedIn, and Instagram and X at
@FHLBankIndy.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1aaf5c3-2a70-4695-afec-5416a321c5a8