financing opportunities

The INHP Rehab Match is a loan match program that rewards you for purchasing a vacant or abandoned home in one of five designated Indianapolis neighborhoods or from Renew Indianapolis. If you personally complete INHP-approved repair projects to the home, your efforts will be matched up to $15,000.

Who can participate in the program?

Homebuyers who earn up to 120 percent of HUD’s Area Median Income (AMI) are eligible for this program. The buyers must be able to skillfully perform some of the repairs needed. The buyers must live in their homes as their primary residence.

How the program works:


  1. Form: Visit to fill out an interest form. On the form after "Where did you hear about INHP Programs and Services" mention Renew Indianapolis so they know you are interested in a Renew property.

  2. Resources: INHP will provide resources to help you choose a qualifying property, such as how to connect with real estate agents, nonprofit community-based organizations and/or for-profit developers.

  3. Real estate agent support: A real estate agent can help you choose a property in one of five designated areas.

  4. Repairs list: Through inspection, the homebuyer provides INHP with a list of repairs needed to make the home habitable.

  5. Match approval: Through a formal vetting process with INHP, the buyer must demonstrate he or she can skillfully perform some of the repairs from the inspection list. If approved to perform the work, INHP will assign the buyer’s “sweat equity” a value, up to $15,000. INHP will consider comparable bids from contractors, and the market rate of materials and labor to determine the value.

  6. Mortgages: INHP will qualify the homebuyer, and if approved, provides two mortgages. FIRST MORTGAGE: INHP provides the buyer a first mortgage based on the home’s value once the list of repairs are made (the as- completed value). The low-interest mortgage requires a 3 percent down payment. SECOND MORTGAGE: Once the buyer is approved to perform specific work, INHP will issue a second mortgage based on the sweat equity value. It is a five-year forgivable mortgage, and the buyer is not required to pay on it if the terms of the program are met. The buyer can use the second mortgage to fund home improvements.

  7. Construction oversight: At the same time, INHP pays a non-profit partner (i.e. a community development corporation) to help the buyer by overseeing the construction process until the home passes final inspection.

  8. Five years: As long as the buyer lives in the home as his or her primary residence for five years, the buyer’s second mortgage is forgiven. Its balance will be forgiven by 20 percent each year. The buyer will continue to be responsible for paying his or her first mortgage.

  9. If prior to five years: If the buyer sells the home before five years have passed, both mortgages will be paid off at the time of closing. The buyer will repay the unforgiven portion of the second mortgage.

Rehab Match offers:

  • 3 percent down payment

  • Low-interest financing

  • Unique 20-year loan option with approximately the same monthly payment as 30-year loan

  • Up to $15,000 in “sweat equity” for work performed