New Chauncey Housing Incorporated   New Chauncey Housing Incorporated (NCHI) is a non-profit housing corporation that was founded by members of the New Chauncey Neighborhood Association in July of 1997. In May of 1998 we incorporated in the state of
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About

New Chauncey Housing Incorporated

 

New Chauncey Housing Incorporated (NCHI) is a non-profit housing corporation that was founded by members of the New Chauncey Neighborhood Association in July of 1997. In May of 1998 we incorporated in the state of Indiana and in July of 1999 the IRS recognized us as a tax-exempt non-profit 501(c)(3) organization.

The purpose of our organization is two-fold. We seek to stabilize the near campus neighborhood by slowing the conversion of single-family homes to rental units and we try to make it easier for persons with low or moderate incomes to buy homes in this neighborhood.

We accomplish these goals by buying a home that is in danger of becoming a rental property, supervising the rehabilitation of the home, and marketing the home to low or moderate-income persons. A person is eligible to buy a home from NCHI based on the income limits established by HUD which are specified in this income chart. The person must also be able to qualify for a mortgage, and must be willing to stay in the home for a minimum of ten years or be willing to repay the subsidy with the proceeds of the sale of the home.

NCHI provides down payment assistance or emergency repair assistance to qualified home buyers. The subsidies are usually structured as a second mortgage on the home that is forgiven over a ten-year period of time. In other words, if a person stays in the home for ten years the second mortgage is never paid. If a person chooses to sell the home, or rent any part of the home, the second mortgage must be paid.

Since our incorporation we have purchased 65 homes and given assistance to over 62 other properties city wide.   As you might imagine it can be difficult to find homes that are in the right price range for NCHI.

NCHI also tries to match buyers and sellers in our neighborhood. We maintain a list of homes that are for sale, and during the spring and summer we get regular calls from people who are looking for a home in our neighborhood. Please help us stay informed about homes for sale in our neighborhood. Call 765.743.6244 to let us know when you see a home for sale in the New Chauncey Neighborhood.

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