The program offers zero-interest loans for homebuyers who intend to live in a foreclosed home. The Indiana Housing and Community Development Authority (IHCDA) provides up to $15,000 to assist homebuyers with the acquisition or rehabilitation of a foreclosed residential property located in an area of need.
Rep. Culver encourages potential homebuyers to visit http://www.indianahousingnow.org/, click on "Market Stabilization Program" and enter the address of a foreclosed home they are interested in. The Web site will determine whether the property is located in a neighborhood approved for the program. The Web site also contains information on eligible lenders.