This loan offered at no interest with no payments due for 30 years. It is otherwise due whenever the property is transferred, sold, or rented. At 30 years, continued deferment will be at the discretion of the Department of Metropolitan Development of the City of Indianapolis.
To qualify, you must have a household income that does not exceed the HUD limits above. Additionally,
- You must be the deed holder of the property (no contract sales/lease to own).
- Your property taxes must have been paid and not in arrears at the time of the submission of the application. Exceptions may be considered in emergency cases.
- Your homeowner’s insurance must have been paid and not in arrears at the time of the submission of the application. Exceptions may be considered in emergency cases.
If you are not qualified for this program, you may qualify for future programs. Please check our website often for updates.
Other homeowner repair loans are available from Indianapolis Neighborhood Housing Partnership, and the Federal Home Loan Bank of Indianapolis that have separate application processes. Some of these funds are in the form of a five-year forgivable grant. An administration fee may be charged and additional forms may need to be completed depending on the source of funds used for repairs.