WHA Adds Program To Help
July 28, 2016 at 4:25 p.m.
The Warsaw Housing Authority has structured a new program to help the needy learn about the challenges of homeownership while saving money for a down payment.
The new program, called Individual Development Accounts, will combine funds from Federal Home Loan Bank of Indianapolis with a local plan.
On Monday Fred Hash, of Federal Home Loan Bank of Indianapolis, presented options his bank provides for communities. The IDA program will run on funds from the FHLB.
Warsaw has previously benefited from the support of the FHLB. The Courts of Colfax, an independent living facility for people over 55, received $303,400 from the bank.
The WHA board approved the IDA program, which teaches future homeowners money-saving skills and homeownership skills while they save money in a restricted account.
Cathy Walker, Warsaw Housing Authority, said IDA prepares clients for the challenges of owning a home.
WHA director Vicki Provine said if agencies work with people and educate them they can keep their affordable housing. She said clients often need to learn about the responsibilities of home ownership.
The IDA is a two-year program. During that time, IDA clients learn about building assets, the advantages of renting versus owning, the correlation between education and income, budgeting skills, credit management skills, the hidden costs of being a homeowner and the value of a savings account.
The local program can be written to meet the needs of the Warsaw community and would use local expert sources to counsel club members. When the program is completed, clients' savings are matched on a 2-to-1 basis.
For example, if the client saved $2,000 over the two-year period the funds available for the down payment on a home, education or capitalization of a business would equal $6,000.
In other business:
jj The board approved four owner-occupied rehab projects in the Warsaw community totaling $48,000. The rehab program allows low-income homeowners to repair their homes with partially forgivable loans. All approved homes are subject to a final appraisal prior to repairs to determine the value of the home at completion of repairs.
Applications are still available for the program. Applicants must meet income guidelines. For more information or to apply, call the housing authority office at 269-7641, or stop by the office at 220 S. Buffalo St., Warsaw.
jj Acknowledged a WHA co-sponsored escrow account client received her funds and used the money as security and down payment on a manufactured home. According to Katherine Walker, WHA, the client worked hard to become self-sufficient and get into a home-owning situation.
jj Eliminated the two-year prior ownership stipulation in the loan guidelines of the Owner-Occupied Rehabilitation Program. [[In-content Ad]]
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The Warsaw Housing Authority has structured a new program to help the needy learn about the challenges of homeownership while saving money for a down payment.
The new program, called Individual Development Accounts, will combine funds from Federal Home Loan Bank of Indianapolis with a local plan.
On Monday Fred Hash, of Federal Home Loan Bank of Indianapolis, presented options his bank provides for communities. The IDA program will run on funds from the FHLB.
Warsaw has previously benefited from the support of the FHLB. The Courts of Colfax, an independent living facility for people over 55, received $303,400 from the bank.
The WHA board approved the IDA program, which teaches future homeowners money-saving skills and homeownership skills while they save money in a restricted account.
Cathy Walker, Warsaw Housing Authority, said IDA prepares clients for the challenges of owning a home.
WHA director Vicki Provine said if agencies work with people and educate them they can keep their affordable housing. She said clients often need to learn about the responsibilities of home ownership.
The IDA is a two-year program. During that time, IDA clients learn about building assets, the advantages of renting versus owning, the correlation between education and income, budgeting skills, credit management skills, the hidden costs of being a homeowner and the value of a savings account.
The local program can be written to meet the needs of the Warsaw community and would use local expert sources to counsel club members. When the program is completed, clients' savings are matched on a 2-to-1 basis.
For example, if the client saved $2,000 over the two-year period the funds available for the down payment on a home, education or capitalization of a business would equal $6,000.
In other business:
jj The board approved four owner-occupied rehab projects in the Warsaw community totaling $48,000. The rehab program allows low-income homeowners to repair their homes with partially forgivable loans. All approved homes are subject to a final appraisal prior to repairs to determine the value of the home at completion of repairs.
Applications are still available for the program. Applicants must meet income guidelines. For more information or to apply, call the housing authority office at 269-7641, or stop by the office at 220 S. Buffalo St., Warsaw.
jj Acknowledged a WHA co-sponsored escrow account client received her funds and used the money as security and down payment on a manufactured home. According to Katherine Walker, WHA, the client worked hard to become self-sufficient and get into a home-owning situation.
jj Eliminated the two-year prior ownership stipulation in the loan guidelines of the Owner-Occupied Rehabilitation Program. [[In-content Ad]]