City and county put $2 million into a revolving housing loan fund; separate program offers up to 5% down-payment help

What happened

The city of Terre Haute and Vigo County each committed $1 million — $2 million total — to a revolving loan fund that lends to home builders and recycles the money as loans are repaid, instead of a one-time grant. Separately, the Hoosier Homes Plus program can give home buyers up to 5% of their down payment; so far $73,000 in local matching money has gone out of a $500,000 pool.

Who it affects

If you're a first, second, or third-time home buyer in Vigo County or Terre Haute, or a local builder, these are new financing tools you may be able to use.

The outcome

Not a vote — both programs are already operating, administered by Thrive West Central.

Sources

• $1 million each from city and county, 23:52
• Down payment assistance totals so far, 15:33
• Program targets first-time home buyers, 15:03
• How the $5 million ARPA housing money was divided, 12:45

Also known as: revolving loan fund Terre Haute · Hoosier Homes Plus · down payment assistance Vigo County · Club 720