Officials with the state’s mortgage assistance program, the Indiana Homeowner Assistance Fund ,will close the application portal October 20, 2023.
The fund was created with a grant from the American Rescue Plan under the direction of the US Department of the Treasury. The program began taking applications and distributing funds in February 2022. Since then, more than 9,100 Hoosier households have received an average of more than $13,000 in assistance in the form of mortgage reinstatement, ongoing mortgage payments, and the payment of delinquent property taxes, homeowner’s insurance, and homeowner association fees for the homeowner’s primary residence only.
With the amount of assistance that has already been disbursed, the funds that are currently obligated for upcoming payments, and the number of applications that are being processed, the program is very near to distributing the total amount of funds available for homeowner assistance. When the portal closes October 20, officials will begin maintaining a waiting list for those homeowners who would like to apply for new funds as they become available.
All existing program eligibility requirements will remain in effect for future applicants and awards. The program is designed to assist Indiana homeowners with low to moderate incomes who have experienced a financial hardship due to the COVID-19 pandemic. Awards are limited to one per household and are provided in the form of a 5-year forgivable, interest-free loan.
