Honor Partners with Indianapolis Loan Bank for Homeownership Initiative
Honor Credit Union has partnered with Federal Home Loan Bank of Indianapolis's Homeownership Initiative Program to provide funds to those in need of financial assistance to complete home repairs or purchase a new home. The program offers opportunities for grants in households earning 80% or less of the Area Median Income in their community.
Applicants were chosen based on three areas of eligibility:
- Homeownership Opportunities Program (HOP): Provides up to $8,000 toward down payment and closing costs for first time homebuyers.
- Neighborhood Impact Program (NIP): Provides up to $7,500 for home maintenance repairs such as windows, roof, siding, doors, etc.
- Accessibility Modification Program (AMP): Provides up to $12,000 for the funding of accessibility modifications such as ramps, bathroom modifications, or widened doorways for senior homeowners or homeowners with a permanent disability.
Honor's Real Estate team is proud to announce the approval of five applications for Neighborhood Improvement Grants since May of 2019. The grants will aid in the purchase of a new furnace, roof, soffit, facia and gutters for families and senior citizens who could not afford to purchase replacements or make proper repairs in their homes.
"We've made a difference in these members' lives by making their homes a better place to live. The total granted in our first year is a whopping $35,889," said Honor VP of Real Estate Lynneise Gaddie. "We are very proud to offer these grants and look forward to helping more families soon."