Homebuyer Down Payment Assistance Initiative

If you’re interested in purchasing a home in the City of East Chicago through its Department of Redevelopment and the leadership of Mayor Anthony Copeland is offering down payment assistance in East Chicago for those interested in purchasing and becoming a homeowner. The down payment assistance is an initiative intended to provide an opportunity for individuals interested in purchasing a single family home to increase homeownership in the City of East Chicago.

The City of East Chicago provides a zero (0) interest second mortgage of up to $25,000 to assist with the down payment assistance for the purchase of a newly constructed home in the City of East Chicago. The second mortgage is a ten (10) year forgivable loan, with equal percentages forgiven each year until year ten (10). Conversely, if the home is sold anytime during the ten (10) year period then a pro-rated amount of the forgivable loan shall be repaid to the City of East Chicago at the time of sale. In addition, employees of the City of East Chicago are eligible for up to $30,000 in down payment assistance under this program.

For individuals interested in purchasing a pre-existing home, the City of East Chicago provides a zero (0) interest second mortgage of up to $10,000 toward the purchase of a reconstructed or existing home located in the City of East Chicago. The down payment will be a five (5) year forgivable loan, with equal percentages forgiven each year until five (5) years after the loan closes. Nonetheless, if the property is sold within the five (5) year period, then a pro-rated amount of the forgivable loan shall be repaid to the City of East Chicago at the time of sale. In addition, employees of the City of East Chicago are eligible for up to $15,000 in down payment assistance under this program.

Prospective applicants interested in purchasing a home in East Chicago must complete an eight (8) hour Homebuyer Financial Education Workshop program provided through the Department of Redevelopment prior to receiving the down payment assistance. The Homebuyer Financial Education Workshop is designed to prepare homebuyers for homeownership, provide credit counseling, budgeting and savings, credit, mortgages and loans, purchasing a home, closing on a home and home maintenance.

For further questions on the down payment assistance programs, please contact the City of East Chicago Department of Redevelopment at 219-391-8513.
QUESTIONS
The Department of Redevelopment monitors annual federal entitlements to the City of East Chicago from the United States Department of Housing and Urban Development (HUD).
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For more information on East Chicago call is today.

Telephone: (219) 391-8513
Fax: (219) 391-7005
Email: frivera@eastchicago.com
what we do
The Department of Redevelopment oversees the City's two Tax Increment Funding Districts (TIF) which collect tax revenue within their districts and use the revenue for a variety of infrastructure projects:
City of East Chicago Department of Redevelopment
400 E. Chicago Ave
East Chicago, IN 46312
East Chicago, IN 46312
Phone:219-391-8513
Fax:219-391-7005