In the quest to address the housing crisis and enhance our region’s housing supply, two innovative financing products—HomeBuild and BridgeSmart—are leading the charge. These distinct yet complementary solutions empower non-profit developers and private developers alike, facilitating the creation and rehabilitation of attainable housing developments. By providing accessible financing options tailored to both single-family homes and multifamily units, we are making it easier for vulnerable populations to achieve secure housing. Together, these programs ensure that projects can seamlessly transition from concept to completion.
HomeBuild Financing Solution
Key Features
New Construction & Rehabilitation: HomeBuild is dedicated to supporting both the ground-up construction and substantial renovation of single-family homes (1 to 4 units).
Accessible Financing: With a focus on low-cost, low-fee loans, HomeBuild offers competitive terms tailored to streamline the housing development process.
Flexibility in Repayment: Borrowers benefit from the absence of prepayment penalties, allowing for greater financial flexibility.
Eligible Borrowers
HomeBuild is specifically designed for non-profit developers committed to increasing homeownership opportunities. Our program aims to support prospective homebuyers earning up to 80% of the Area Median Income (AMI), thereby making homeownership more attainable for those in need.
If you are a non-profit developer eager to impact the housing landscape, HomeBuild can support your vision.
BridgeSmart Bridge Loan
Key Features
Supporting Affordable Housing: The BridgeSmart Loan Program is crafted to work within existing financial markets, promoting the preservation and creation of affordable housing.
Flexible Financing Options: BridgeSmart loans can be invested into development at various tiers, accommodating the diverse needs of funders while ensuring viable project financing.
Universal Eligibility: Designed for integrated supportive housing projects, these loans may utilize Indiana Housing and Community Development Authority (IHCDA) Rental Housing Tax Credits and Multifamily Bond Programs.
Eligible Borrowers
Eligible applicants for BridgeSmart consist of sponsors and private developers focusing on integrated supportive and affordable multifamily housing projects, primarily benefiting residents with incomes of 80% of the Area Median Income or lower.