HomeBoost Minority Down Payment Assistance

HomeBoost funds for 2023 have been exhausted.

The HomeBoost Minority Down Payment Assistance Program provides down payment assistance grant funding 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.

The pilot round opened Tuesday, Sept. 5, 2023, with $2.5 million available. Eligible households must work with an FHLBank Indianapolis member financial institution to submit a request. 

Information about a 2024 round will be forthcoming.

* Funds for the 2023 pilot round have been exhausted, and we are no longer taking applications.

Why did FHLBank Indianapolis create this program?

  • Why a minority assistance down payment program?

    As noted by HUD's Office of Fair Housing and Equal Opportunity on December 7, 2021, "the Black-White homeownership gap is wider today than it was in 1968 when the Fair Housing Act became law."1 Our district of Indiana and Michigan is no different than the national trends.

    2020 Homeownership Rates 2

    Indiana Michigan
    White Americans 76% 80%
    Black Americans 38% 42%
    Hispanic Americans 62% 61%
    Asian Americans 57% 62%

    As FHLBank Indianapolis is cooperatively owned by financial institutions who originate mortgages to first-time home buyers, we want to work with our members to help more households obtain the dream of homeownership.  We understand that down payment assistance alone will not fix the racial homeownership gap, but we are excited to provide a tool for eligible households to get one step closer in buying their first home.

    1 U.S. Department of Housing and Urban Development, FHEO’s Statement by HUD’s Office of Fair Housing and Equal Opportunity on Special Purpose Credit Programs as a Remedy for Disparities in Access to Homeownership (December 7, 2021), https://www.hud.gov/sites/dfiles/FHEO/documents/FHEO_Statement_on_Fair_Housing _and_Special_Purpose_Programs_FINAL.pdf.

    National Association of Realtors Research Group, 2022 Snapshot of Race and Home Buying in America at 8–11 (February 2022), https://www.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf.

FHLBank Indianapolis member financial institution requirements:

Only FHLBank Indianapolis member financial institutions can submit applications on behalf of eligible households. Only members will have access to the program plan and agreements.  A list of members that have agreed to publicly participate in this program can be found below:

2023 Participating Members

For FHLBank Indianapolis Member Financial Institutions:

  • How do FHLBank Indianapolis Member financial institutions access HomeBoost funds?

    FHLBank Indianapolis Member financial institutions interested in participating must take the following steps in order to sign up for the HomeBoost Program:

    (These steps are not for households themselves; households must work with a member financial institution to participate in the program.)

    1. Email us at housing@fhlbi.com to request a copy of the HomeBoost SPCP Plan and the HomeBoost Master Agreement.
    2. Review the HomeBoost SPCP Plan, HomeBoost Master Agreement, and .GIVES Registration Form.  
    3. Execute the HomeBoost Master Agreement and .GIVES Registration Form.
    4. Email the completed HomeBoost Master Agreement and .GIVES Registration Form to housing@fhlbi.com 

    Once these documents have been submitted, NEW users will receive login credentials allowing them to access FHLBI.GIVES where all requests for HomeBoost must be submitted. 

  • Want to learn more about Special Purpose Credit Programs?

    The HomeBoost program is supported by a Special Purpose Credit Program Plan. Members that would like to learn more about Special Purpose Credit Programs can visit our FAQs listed under “Training Materials.”

    Members can also request a recording of a FHLBank Indianapolis Special Purpose Credit Program Webinar held on Thursday, June 1 that featured the National Fair Housing Alliance and member financial institutions. To request a recording, please email housing@fhlbi.com.

    FHLBank members that would like to participate in the HomeBoost program must review the HomeBoost SPCP Plan before signing the HomeBoost Master Agreement. Instructions are above.

For homebuyers looking to use the program:

Homebuyers cannot apply for HomeBoost directly through FHLBank Indianapolis. To apply, contact one of our participating members listed above to discuss your eligibility and next steps.