Some Indiana residents buying foreclosed homes can qualify for up to $25,000 in interest-free loans — and if they live in the house for 10 years they don’t have to pay the money back.
Lt. Gov. Becky Skillman announced the initiative Wednesday, saying it would encourage home ownership while revitalizing communities.
Qualified residents can obtain a $15,000 loan from the Indiana Housing and Community Development Authority’s market stabilization fund. The Federal Home Loan Bank of Indianapolis is matching loans up to $10,000.
The state is directing $33 million in federal housing money toward the stabilization fund. Loans will go to income-qualified people buying foreclosed homes in the areas of the state with the greatest need.
On the Net: http://www.IHCDA.IN.gov
