Indiana’s mortgage assistance program will stop accepting applications next month.
The application portal for the Indiana Homeowner Assistance Fund, or IHAF, will close on Oct. 20, Lt. Gov. Suzanne Crouch and the Indiana Housing and Community Development Authority, or IHCDA, announced Thursday. 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, according to an IHCDA news release.
IHAF was created with a grant from the American Rescue Plan under the direction of the U.S. Treasury Department. 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, according to an IHCDA news release.
With the amount of assistance that has already been disbursed — plus the funds that are currently obligated for upcoming payments and the number of applications that are being processed — the IHAF program is close to distributing the total amount of funds available for homeowner assistance, state officials say.
IHAF will close the portal to active applications on Oct. 20 and 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, according to the news release.
Awards are limited to one per household and are provided in the form of a five-year forgivable, interest-free loan, the news release says.
People can visit 877GetHope.org for eligibility information or to register for the opportunity to apply for assistance.
