TRANSFORMING NEIGHBORHOODS, ONE REPAIR AT A TIME
Through the Neighborhood Impact Program (NIP), FHLBank Indianapolis members can assist homeowners with repairs including new windows, furnaces, roofs, siding and other deferred maintenance types of repairs with NIP grants of up to $7,500. NIP assists existing homeowners with incomes at or below 80% of area median income rehabilitate their homes. FHLBank Indianapolis members may work with eligible homeowners directly or through one or more local housing organizations. NIP is a good way to help preserve property values in local communities.
HOW DO members USE NIP?
All Homeownership Initiatives are available to members who have completed the appropriate training found on our training and resources page. After completing training, you must submit the completed agreements outlined in the training. Upon completion, you will receive information about how to apply for disbursements.
Once a member is approved, they can do the following:
- FHLBank Indianapolis members can request up to $7,500 per household for qualified repairs.
- Members may choose to work with their customers directly and/or through one or more community housing organizations.
Who Qualifies for NIP?
To qualify for NIP, you must:
- Be at or below 80% Area Median Income.
- Have resided in the home 18 months prior to enrollment.
- Five-year retention requirement with a prorated recapture of assistance.
- Own a single-family home, condominium or modular unit (duplexes with certain restrictions).
- Be current and paid as agreed to any existing mortgage obligation.
- Completion of homeowner counseling is not required, but recommended.