Indiana's Market Stabilization Program

In April of 2009, the state was awarded $84 million in federal Neighborhood Stabilization Funds. The Indiana Housing and Community Development Authority developed a plan to work with communities as well as help reduce the foreclosed housing stock in the state and assist Hoosiers with purchasing foreclosed properties. Qualified homebuyers can receive up to $15,000 for down payment, qualified rehabilitation, or closing expenses. These funds will be in the form of a zero-interest, non-amortizing, second mortgage loan. These funds do not have to be repaid as long as home buyers use the home as a principal residence for at least ten years. More details about the program can be found in the FAQ section below these steps. You may browse the eligible areas per county here.

Step 1:

Potential homebuyers should check to see if they are income eligible to benefit from the MSP program. Please click here [PDF] to check your family size, county, and income level.

Step 2:

Once a potential buyer has verified that they are income eligible, the next step is to see if the foreclosed property that they are interested in qualifies for the MSP program. Foreclosed properties may be checked by filling out the form below.