Homeownership Opportunities Program (HOP)

As part of the FHLBI Homeownership Initiatives, the Homeownership Opportunities Program (HOP) makes homeownership more than a dream for many people. A big hurdle to buying a home is saving for the downpayment or closing costs. HOP helps overcome this hurdle by providing up to $5,000 of downpayment and closing cost assistance to first-time homebuyers.

HOP will match a homeowner's funds three-to-one. Each FHLBI member, however, can offer homebuyers a smaller matching ratio (i.e., two-to-one) if it chooses to. At least $500 of what HOP matches must come from the homebuyer's own savings, but the FHLBI will also match funds received from other sources including other grants and gifts. Funds are available through HOPExpress and HOPReserve.

HOPExpress funds are available on a first-come first-served basis. Funds are released around March 1 and August 15 each year. To access these funds, member financial institutions of the FHLBI must participate in training, submit a registration form and agreement, and upon approval, request funds as needed until they reach the maximum amount allowed or no funds remain.

HOPReserve funds are awarded through a competitive application process and reserved for one year. Applications are usually available early February each year and with an early March award date. Member financial institutions of the FHLBI must submit an application for a specified amount of funding (found in program guidelines). If awarded, members are required to participate in training prior to receiving funds.

Updates to the balance of HOPExpress will be published bi-weekly.

> Available HopExpress and NIPExpress funds.

Updated: June 04, 2008