Indiana’s Hardest Hit Fund to reopen application intake on July 1
INDIANAPOLIS – Indiana Housing & Community Development Authority (IHCDA) today announced their plans to reopen application intake for Indiana's Hardest Hit Fund (HHF) offered through their Indiana Foreclosure Prevention Network (IFPN). Beginning July 1, Indiana homeowners who have fallen behind on their mortgage due to an involuntary loss of employment or reduction in employment income will have the opportunity to apply for one-time reinstatement assistance of up to $30,000.
"Both the economy and the housing market in Indiana have bounced back dramatically since we were first awarded Hardest Hit Fund dollars in 2011," said Lt. Governor Suzanne Crouch, who serves as IHCDA's board chair. "Understanding these positive changes, which include a record low in the state's unemployment rate, we adjusted our program to best address the current needs homeowners have in our state."
In October 2009, Indiana and the country were in the midst of a recession and approaching levels of unemployment not seen since the early 1980s. In Indiana, the unemployment rate reached 10%. In addition to this, Indiana experienced a high rate of families facing foreclosure, which is why we were one of 18 states that was awarded HHF dollars by the U.S. Department of the Treasury.
“The HHF program has allowed us to help more than 10,000 Hoosier families across all 92 counties remain in their homes,” said Jacob Sipe, Executive Director at IHCDA. "We are pleased to be in a position to reopen the application portal and provide targeted and immediate assistance to working Hoosiers who have fallen behind on their mortgage."
The new program will cover one-time reinstatement-only assistance for eligible Indiana homeowners for up to $30,000. To be eligible, homeowners must have fallen behind on their mortgage due to an involuntary loss of employment or reduction in employment income. In order to qualify, homeowners must be able to make current mortgage payments but unable to pay the past-due balance.
Last June, Indiana's HHF program stopped accepting applications to ensure sufficient funds remained to assist the homeowners enrolled in the program. Due to recycled and reallocated funds, there are now sufficient funds available to reopen the application portal. The portal will remain open until the funds available have been distributed.
In addition to our updated program, the IFPN will continue to provide free foreclosure prevention counseling. This counseling is offered through a network of housing counselors throughout the state who work directly with homeowners and their lenders to find a solution to their specific financial situation.
IHCDA, chaired by Lt. Governor Suzanne Crouch, provides housing opportunities, promotes self-sufficiency and strengthens communities in order to build an Indiana with a sustainable quality of life for all Hoosiers in the community of their choice. For more information, visit www.ihcda.in.gov or www.in.gov/myihcda.