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Near-East side “homeownership incubator”

The Indianapolis Business Journal has posted a follow-up on the Super Bowl legacy project on the Near-East Side. The article mentions that the project intends to use the Jefferson Apartments (with a picture currently on the IBJ’s front page) as a homeownership incubator. The homes they are referring to in this case are being built or rehabbed in the nearby area. I find this idea intriguing, and wonder if this has worked in other cases in this city (or even anywhere else in the country). If a reader happens to know of one, please mention so in the comments.

2 Responses to “ “Near-East side “homeownership incubator””

  1. cdc guy says:

    Examples:

    http://www.thebennettgrp.net/portfolio/index.htm

    from http://www.rurdev.usda.gov/rd/cong/2001/2001rhs.htm

    "In Henderson County, North Carolina, Housing Programs is partnering with private and non-profit sectors to offer alternatives to help rural residents achieve homeownership. Under one program, a homeownership incubator program, renters in apartments managed by the Housing Assistance Corporation pay 30 percent of their income for housing. The apartments rent for $270-320 and the remainder is saved towards the purchase of a home. Participating families must attend a comprehensive homebuyer’s education program. Housing Programs assists applicants by leveraging Section 502 loan funds with other locally available funds such as the Self-Help Credit Union, and a forgivable mortgage through NC's First Time Home Buyer (FHP) program."

  2. Kevin says:

    Very nice, thanks for the links.

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