Archive for February, 2009

Feb 04 2009

Hammond as Home

Published by Tom McDermott Jr. under General

Well, I didn’t need a Groundhog to tell me winter is not yet done with the Region, and even Indianapolis was recently crippled by snowstorm that shut down the State Capitol, but even with the winter weather, Hammond is still a great place to call home.

There have been recent developments that might make it easier for even more people to call Hammond Home.  The City of Hammond recently received 3.8 million dollars in Federal Housing and Urban Development funding which is earmarked for the purpose of the purchase and renovation of foreclosed Hammond homes.  Once the renovated home is sold, the proceeds will be used to repeat the process with additional properties.   Abandoned homes hurt neighborhoods, are a visual blight and became a target for vandals and criminals.  Newly renovated and owner occupied homes raise property values and promote neighborhood stability and a sense of community.   I am very excited about the potential for large scale housing stock improvement in our City.

The recent economic downturn has resulted in extremely low interest rates for home buyers.  Unfortunately, many first time home buyers, and long time renters, are more than able to make monthly mortgage payments, but lack the funds for the required down payment.  The recently expanded “Home Bound” program solves that problem as well.  “Home Bound” allows Hammond residents, and now non residents as well, to enroll in the program and receive a monetary match, in the form of a forgivable loan from the City, to be used as a down payment.   A person constructing a new home in Hammond is eligible to receive up to a $5000 match, a qualifying Teacher, Fireman or Police officer up to a $3500 match and a single family home purchase up to a $2500 match.  After five years of being a resident in the home, the loan is forgiven.   Even in hard times, Hammond is looking better and better, now if only there was a program to make Spring arrive faster each year!

No responses yet