Local officials on Thursday announced a new initiative that aims to make homeownership more accessible and affordable in Vigo County.
Thrive West Central, the city of Terre Haute and Vigo County officials announced the initiative, which involves Club 720, the Hoosier Homes program and support from local leadership.
In Vigo County, the program will offer 5% in down payment assistance, with some of that funding provided by the city and county through the American Rescue Plan Act.
The partners have been focusing on building and rehabbing homes to update housing stock. Now, the goal is, “Let’s put people into these homes,” said Terre Haute Mayor Brandon Sakbun.
“What we want first-time and repeat home buyers to know is that there is an opportunity to receive a little bit of help through funding from the American Rescue Plan Act, overseen by Thrive West Central, to get you into a wonderful home in the city of Terre Haute and Vigo County,” he said.
The program applies both to those who live here, and those who want to buy a home here.
“Often times people are able to afford housing payments because they pay rent,” said Julie Hart, Thrive West Central director of housing. “What they don’t have is that extra money to bring to the table for down payment assistance or for closing costs.”
And that’s where the new program can assist those home buyers, she said.
The Hoosier Homes program offers a forgivable second loan with a seven-year term and serves buyers earning up to $112,280 per year in Vigo County; there is no first-time buyer requirement.
Eligibility also includes a 640 credit score or higher.
Hoosier Homes is powered by Club 720, a digital tool that makes it easy to check eligibility, explore mortgage options and connect with local resources.
Program highlights are as follows:
• Down payment assistance: Eligible homebuyers in Vigo County can receive 5% in DPA, while those in Clay, Montgomery, Parke, Putnam, Sullivan, and Vermillion counties can receive up to 5%.
In Vigo County, the ARPA funding makes up the difference so that eligible homebuyers receive the full 5%.
• Forgivable Loan: The assistance is structured as a forgivable second loan with a seven-year term. For those who stay in the homes for seven years, the loan is forgiven.
• Inclusive Eligibility: There is no first-time homebuyer requirement, and the program is open to a wide range of individuals and families with higher county- specific income limits.
“I think it’s a game changer for those folks who struggle with those firsttime payments,” said Mark Clinkenbeard, Vigo County commissioner. “By lowering those barriers, we’re not only helping people buy homes, we’re helping them build roots” in Vigo County.
Home ownership strengthens neighborhoods and the tax base, Clinkenbeard said. Hoosier Homes is an Indiana program that helps low and moderate-income individuals and families buy a home in approved areas of Indiana.
Qualified homebuyers receive up to a percentage of assistance for down payment and closing costs, plus a loan with a competitive interest rate.
According to Thrive, the Hoosier Homes/Club 720 program is available across its seven-county region; income limits vary by county.
Eligible homebuyers in Vigo County can receive 5% in DPA, while those in other counties can receive up to 5%. For more information about the program, visit https://club720.org/thrivewest- central/ or download the Club 720 app on iPhones or Androids.
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