Amount of assistance provided as part of Indiana Hardest Hit Fund
The program basically provides homeowners with a loan, that may not need to be paid back, and the money is used to pay their mortgage. All financial assistance that is provided from the program is structured as what is known as a forgivable and non-amortizing loan. After roughly six years, and annually from there on out, the loan is waived, so after 10 years it will not need to be repaid. If the homeowners moves before that time frame then they may need to pay it off.
Depending on what part of Indiana in which the homeowner lives, the amount provided can range from $12,000 to $18,000. It is estimated that almost 20,000 borrowers may be able to receive access to the program, and based on the total amount of the loan the amount of money to help pay their mortgage can be equivalent to about $700 per month.
Application process and contacts
To learn more or to apply for the Indiana Hardest Hit fund, call your local HUD housing agency in Indiana. Counselors can guide you through this process or other foreclosure prevention tactics. Or dial the Indiana Housing and Community Development Authority (IHCDA) at (317) 232-7777.