Hoosier Homes Program Overview
A Zero-Risk Homeownership Initiative for Local Governments
The Hoosier Homes Program is a collaborative initiative led by the Fort Wayne Housing Authority (FWHA) and co-administered by Club 720. It aims to increase homeownership opportunities for low-, moderate- and middle-income families within communities across Indiana. Local governments can offer this program with no financial or administrative burden, providing qualified homebuyers with access to competitive mortgage loans, down payment assistance (DPA), and closing cost assistance.
Key Benefits for Local Governments:
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Zero Risk: There are no financial or administrative obligations for the participating local governments. FWHA and Club 720 handle all program management.
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Homeownership Growth: The program helps local residents and new families purchase homes, boosting homeownership rates and stabilizing neighborhoods.
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Support for Local Banks & Lenders: The program offers a valuable new tool for local financial institutions, helping them better serve homebuyers and close more loans.
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Data-Driven Insights: Delivered through Club 720, the program offers real-time data analytics on the homebuyer market, giving community leaders insights into local housing trends and buyer needs.
Frequently Asked Questions (FAQs)
1. What is the Hoosier Homes Program?
The Hoosier Homes Program is a homeownership initiative sponsored by the Fort Wayne Housing Authority. It offers eligible homebuyers access to competitive mortgage products (HFA Advantage and HFA Preferred), along with down payment and closing cost assistance, all without creating any financial or administrative burden for local governments.
2. How does the program benefit local governments?
Local governments can expand homeownership in their communities without any risk. As the program grows, it will increase property tax revenue, stabilize neighborhoods, and attract new residents, all while promoting local banks and lenders.
3. Who administers the program?
The Fort Wayne Housing Authority is the primary sponsor, with Club 720 and Stifel Nicolaus & Company serving as co-administrators. They handle all program-related activities, ensuring a smooth experience for both the local government and homebuyers.
4. What is required from the local government?
Local governments simply need to pass a resolution and sign the cooperative agreement with the Fort Wayne Housing Authority to authorize the program within their jurisdiction. There are no additional administrative tasks required.
5. Is there any financial risk for the local government?
No. The program explicitly states that there is no fiscal obligation or financial risk for participating local governments. All program costs are covered by the Fort Wayne Housing Authority and its co-administrators.
6. How does this program benefit local banks and lenders?
Local banks and lenders gain access to a new tool in their homebuyer toolkit. By offering the Hoosier Homes Program, they can help more buyers access affordable loans, making homeownership achievable for more residents and increasing their client base.
7. How can local governments monitor the program’s success?
The Club 720 platform provides real-time data analytics, allowing local governments to track how many homebuyers are participating, how many loans have been approved, and how the program is contributing to local homeownership growth.
8. How do we get started?
Local governments need to pass the resolution authorizing participation in the Hoosier Homes Program and sign the cooperative agreement. After that, the Fort Wayne Housing Authority, Club 720, and Stifel Nicolaus & Company will take over program administration.