HomeBoost Down Payment Assistance Program
The 2024 round of the HomeBoost Down Payment Assistance Program will open Wednesday, August 14, with $5 million in funds available on a first-come, first-served basis to member financial institutions who submit an active HomeBoost Master Agreement and Registration Form. Qualifying households may receive up to $25,000 in down payment and closing and counseling costs assistance.
The HomeBoost Down Payment Assistance Program provides down payment assistance grant funding to prospective first-time homeowners who:
- identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander; or
- identify as a first-generation homebuyer and meet at least one of the outlined criteria for first-generation homebuyers:
- The parents or legal guardians of at least one borrower do not currently and have not previously owned a home in the United States, or
- At least one borrower has aged out of foster care, or
- At least one borrower has become emancipated.
Eligible households must have a total household income at or below 120% of the local Area Median Income as defined by HUD and must intend to purchase a primary residence in Indiana or Michigan.
Eligible households who wish to use HomeBoost funds must work with a participating Federal Home Loan Bank of Indianapolis member financial institution to submit a request.
For FHLBank Indianapolis member financial institutions:
FHLBank Indianapolis member financial institutions interested in participating must take the following required steps in order to access HomeBoost program funds:
- Email us at housing@fhlbi.com to request a copy of the HomeBoost SPCP Plan and the HomeBoost Master Agreement.
- Review the HomeBoost SPCP Plan, HomeBoost Master Agreement, and .GIVES Registration Form.
- Execute the HomeBoost Master Agreement and .GIVES Registration Form.
- Email the completed HomeBoost Master Agreement and .GIVES Registration Form to housing@fhlbi.com.
Once these documents have been reviewed, new users will receive login credentials allowing access to the FHLBI.GIVES system, where all requests fro HomeBoost assistance must be submitted.
Community Investment Department staff will host a training webinar on Wednesday, July 24 to review key program information, requirements and eligibility criteria. Click here to register.
For homebuyers interested in accessing this program:
FHLBank Indianapolis does not disperse HomeBoost assistance directly to households. To apply, please contact one of our participating member financial institutions to discuss eligibility and next steps. A list of 2024 participating member financial institutions will be posted soon.