The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) has allocated $2 million in additional funds for its pilot HomeBoost down payment assistance program designed to expand minority homeownership.
HomeBoost was announced by the bank in early July with an initial startup of $500,000. The program provides $15,000 in down payment assistance to those who are first-time nonwhite homebuyers, 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 program will launch in September and households will be assisted first-come, first-served until funds are exhausted or by March 4, 2024, whichever occurs first.
“We are thrilled to announce additional funds have been added to our pilot HomeBoost program,” said MaryBeth Wott, senior vice president of community investment and strategic planning officer. “This program is an excellent tool for our members to utilize and help address the racial homeownership gap within the communities they serve and our larger district of Indiana and Michigan as a whole. We look forward to helping eligible households get one step closer to buying their first home.”
