Fresh for 2019, IUPUI and the Indianapolis Neighborhood Housing Partnership have expanded the Anchor Housing program offered in partnership with the Indy Chamber.
University employees who want to purchase a new home or make exterior repairs to their current house can now take advantage of financial assistance in three more neighborhoods: Joining portions of Near West are portions of Riverside, Ransom Place and River West.
Current homeowners who qualify can get help paying for roof repairs, new siding, windows or other external home-improvement projects. Those wanting to buy a home within the four neighborhoods can utilize the new Mortgage Accelerator loan from INHP, a fixed-rate home loan featuring a below-market interest rate and a shorter loan term with little impact on the monthly payment.
IUPUI employees who want to purchase a home and qualify under existing program guidelines could receive up to $10,000 in down-payment assistance. If they select the Mortgage Accelerator loan option from INHP, they will save money on interest because the loan payment term will be reduced from 30 years to 20. To qualify, employees must have a household income at or below 120 percent of the area median income as defined by the U.S. Department of Housing and Urban Development.
The benefits of living close to work have been well-documented.
"Studies show that when you live close to work, you reap the benefits of a shorter commute. People often experience higher levels of discretionary income and have more time to be an active member of the community," said Melissa Geitgey, director of marketing and communications for INHP. "Additionally, we want to help people remain comfortably in their homes and continue to live in the neighborhoods they love."
The Anchor Housing home purchase and home repair options have been used by IUPUI staff members in the last couple of years. Employees who take advantage of the home repair option get support from INHP to ensure repair specifications are accurate. Potential homeowners must complete homebuyer education classes and can benefit from INHP's mortgage and credit advising programs.
Terisa Branson of Campus Facility Services completed those classes before moving into her new home Dec. 18, 2017, on West 13th Street, just a few houses down from a property she had rented for years. With increasing rent and wanting more space, she needed to make a change.
The house down the block caught her eye two years ago. After checking it out, she realized it was smaller than her rental. The then-owner put on an addition to bring the square footage up to 1,247, and with the Anchor Housing program on her side, Branson got the keys. It only took her one day to move in to the three-bedroom, two-bathroom house.
"It has a full-size kitchen, and I had a carport built on the back, plus a new roof and siding," Branson said. "I had money set aside, as I was planning on moving anyway, but Anchor Housing really helped me out."
And, she says, the pride of homeownership has been a bonus.
"I love it," Branson said. "It feels wonderful to have my own home."