Household Size 2016 120% of AMI Income Limit
1 $56,040
2 $64,080
3 $72,120
4 $80,040
5 $86,520
6 $92,880

Some properties were purchased by the City of Indianapolis using federal funds known as NSP (Neighborhood Stabilization Program). These properties have special requirements that our other properties do not have. The requirements vary depending on what the property will be used for.

Potential homesteaders wishing to purchase these properties must comply with the following requirements:

  1. Households must be below 120% of the Area Median Income (AMI).
  2. The prospective buyer must take a homebuyer education class through INHP. The fee for this class is $75 or less.
  3. Covenants will be attached to the property ensuring an affordability period for 5 years, meaning if the buyer wishes to sell the property within the first five years, it must be sold to a family below 120% AMI. These covenants expire after 5 years.

 

Prospective buyers wishing to purchase these properties and develop them for sale must comply with the following requirements:

  1. The household of the end buyer must be below 120% of the Area Median Income (AMI).
  2. The end buyer must take a homebuyer education class through INHP. The fee for this class is $75 or less.
  3. Covenants will be attached to the property ensuring an affordability period for 5 years, meaning if the end buyer wishes to sell the property within the first five years, it must be sold to a family below 120% AMI. These covenants expire after 5 years.

 

Prospective buyers wishing to purchase these properties and develop them for rent must comply with the following requirements:

  1. The household of the renter must be below 120% of the Area Median Income (AMI).
  2. Covenants will be attached to the property ensuring an affordability period for 5 years, meaning that each renter during these 5 years must be below 120% AMI. These covenants expire after 5 years.

 

If you are apply and are approved to buy an NSP property you will have six weeks to submit the needed documents for each person in the household who earns income to income qualify.

  1. Prior six months of statements for all asset accounts (checking, savings, health savings accounts, retirement accounts, stocks, bonds)
  2. Prior two years tax returns, with all supporting schedules and W-2 forms
  3. Prior three months of pay stubs for each family member above the age of 18 that works
  4. Documentation of payments received in lieu of earnings (unemployment, disability, workers comp, severance pay)
  5. Documentation of periodic payments received (Social Security, pensions, annuities, retirement, insurance policies, death benefits)
  6. Documentation of welfare, alimony, child support or repeating gift payments
  7. Regular pay, special pay, and allowances received by members of the Armed Forces
  8. Documentation of any equity held in assets, such as rental property
  9. Documentation of personal property held as an investment, such as coin collections or jewelry

If you are unable to submit the required documents within six weeks of receiving approval your application will be voided.

Notes:

  •  Financial assistance for education, whether paid directly to the student, or paid directly to the institution is not eligible to be included in income determination.
  • Assets such as cars (with the exclusion of collections), clothing, personal property, and equity in the families current living residence is not eligible to be included in income determination.