FHLBank Indianapolis increases HomeBoost allocation to $2.5 million
last updated on Tuesday, August 1, 2023 in Affordable Housing
In an effort to help make homeownership more equitable in Indiana and Michigan, the Federal Home Loan Bank of Indianapolis has allocated $2 million in additional funds for the Bank’s pilot HomeBoost minority down payment assistance program.
HomeBoost, announced by the Bank in early July with an initial startup of $500,000, provides $15,000 in down payment assistance to those who are first time homebuyers; identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander; have a household income at or below 120% of the local Area Median Income; and intend to purchase a primary residence in Indiana or Michigan. Click here to read the news release.