Last Thanksgiving, Nicole Milton was at her home celebrating with her family when she received an unexpected text message. The text reminded her about the difference she's made helping other people buy homes of their own.
The sender was a 66-year-old first-time homeowner who Milton — a neighborhood mortgage specialist with
Independent Bank in Troy — had helped through
FHLBank Indianapolis' HomeBoost down payment assistance program. The equity-driven program is designed to help first-time minority homebuyers and first-generation, first-time homebuyers in Indiana and Michigan.
"We're sitting at the Thanksgiving table, eating dinner, and this woman was like, 'I'm thankful for you,'" Milton says. "But it's me that's blessed. I got to help her reach her dream of owning a house, which she thought would never come true."
Milton explains that the woman didn't fully believe that a program such as HomeBoost was on the up and up, or that she would even qualify.
"I believe that she had doubts all the way to the closing table. But we got her there," Milton says. "Today, she's an example for her adult children that first-time home ownership is possible at any age."
Milton shares that she was able to impact three other Michigan households through HomeBoost, which offered up to $15,000 in down payment and closing and counseling costs assistance in its pilot year. Last month, FHLBank Indianapolis announced the program's return. This time, those who qualify can receive up to $25,000. Milton estimates that the effort could help 200 people become homeowners for the first time.
"That's significant. That's 200 households that could have their lives changed," Milton says. "HomeBoost is definitely opening the playing field for people."
To assist homeowners and address the continual need for affordable housing, the Federal Home Loan Bank of Indianapolis aims to provide a reliable source of liquidity to member banks, credit unions, and community development financial institutions. Through a network of over 300 member institutions located in Indiana or Michigan, FHLBank Indianapolis provides grants and low-cost loans designed to boost community economic development, homeownership rates, and neighborhood revitalization.
“Last year, we were able to assist 159 households become first-time homeowners during the pilot round of HomeBoost, and the positive response was overwhelming and immediate,” reports Rori Chaney, FHLBank Indianapolis VP and Community Investment department manager. “Through our participating member financial institutions, the $2.5 million allocated to the program was spent in just 49 days. This year, we’ve increased both the total allocation and the per household maximum, and we still anticipate the funds will go quickly. That’s a testament to the need we know is out there.”
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“We want to help people get into their own homes, but just as importantly, we want to make sure they have the tools they need to sustain themselves in those homes.” Rori Chaney
One of Milton's other HomeBoost clients — a single mother — is certainly experiencing the benefits of access to homeownership. The assistance helped her provide a safe place for her young children to play.
"She really, really wanted a house with a backyard and didn't know how to make that happen," Milton says. "But she was able to buy a perfect home, and I was happy when she told me what colors she was going to paint her kids' rooms."
Milton also reports that the single mother's current monthly house payments are less than what she was previously paying for an apartment.
"There's so many people out there that are renting and don't realize they have the potential to buy," she says. "Programs like HomeBoost show them this potential."
The final client Milton worked with was only 23. Reflecting on the age range of her four HomeBoost clients, Milton says their stories are proof that, with the right help, "people become empowered to invest in themselves."
"Owning a home is not quite as difficult as many think it is," Milton says. "The Federal Home Loan Bank this time has made it so the upper income limit for program eligibility is 120% of local Area Median Income, which I would say is pretty generous, as it opens up a lot of opportunities."
Online training builds confidence
Jacob Johnson never expected to be a homeowner in his twenties. He was living with his parents when his mother, who is a realtor, told him about HomeBoost. The thought of buying a house and all the ensuing details was overwhelming at the time. He's grateful that his mother was able to connect him with a lender and guide him through.
"It's just such a big purchase, even compared to my tuition. It's the biggest purchase you're going to make in your life, until maybe you buy another house that's bigger," Johnson says. "It's just so expensive, and it's such a long-term loan, as well. I mean, a 30-year loan is longer than I've even been alive at this point."
As he moved through the HomeBoost process his confidence grew. The online housing counseling Johnson completed as part of the program’s requirements was invaluable. Some of the areas covered included: How much should you spend on your mortgage? What's a safe amount to spend on your mortgage proportional to your income? How much should you save for repairs and upgrades? How big of a house do you need for your family?
“With the housing counseling requirement, the goal is to make sure our consumers are educated and empowered to make decisions about home buying that are rooted in sound financial practice,” Chaney says. “We want to help people get into their own homes, but just as importantly, we want to make sure they have the tools they need to sustain themselves in those homes.”
Johnson was eventually able to buy a home that is very near to both to his close friends and his mother's house in Grand Rapids where he grew up.
"I'm close to downtown where the food and the people are just great," he says. "It feels really nice to own something in the neighborhood. I feel like I'm really invested in the community now."
Having friends over for the first time was an especially sweet memory. Aside from getting his guest room tidy and decorated, he's pretty much settled into his home. And since moving in eight months ago, his life has continued to move forward in positive ways.
"I've already had so many great life experiences fall into place since I bought my own home," he says. "I started a serious relationship with my current girlfriend who I really love. I'd never had a pet before in my life, so I bought a cat and that's also been life changing."
Johnson describes HomeBoost as having been "insanely useful," even for someone like him, whose mother is in the real estate industry. He's been spreading the word to his friends that the program is available again.
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Nicole Milton
“Lives are changed forever”
Milton is also hard at work letting people know that HomeBoost is back. She underscores that sometimes all a person needs is someone to explain the homebuying process and lead the way.
"It's incredible that FHLBank is offering this amazing opportunity in Michigan. They really care about people," Milton says. "So many people feel so defeated, and HomeBoost gives these people something to hang on to. It gives them hope."
Last month, Milton ran into Ronna Edwards, an FHLBank Indianapolis Community Investment department staff member, at the
Michigan CRA Association Annual Conference. Milton resonated with how personally passionate Edwards was about bringing equity to first-time homeownership.
"[Ronna] was like me and not in this for show," Milton says. "She wants to help people, and she wants to make a difference in this world and help people reach their potential."
“One of the most incredible aspects of this program is getting to see just how much of a difference it makes in real people’s lives,” says Ronna Edwards, senior community investment compliance analyst. “We’ve all seen how a combination of factors coming out of the pandemic has exacerbated pre-existing inequities and made homeownership that much more difficult to achieve for an increasing number of people. This program is just one way that FHLBank Indianapolis is working with our member financial institutions in their communities to help keep those dreams alive.”
Milton tries to go to all her closings in person, and she's been deeply touched by seeing her clients succeed.
"When you go to the closing for a first-time homebuyer, especially someone that has had a struggle or needed down payment assistance, it's powerful," she says. "They thought they could never get there, but you've walked them through the steps. I can't tell you how many tears I've cried at closings with people, because you sit there, and you know that their lives are changed forever."
Jaishree Drepaul-Bruder is a freelance writer and editor currently based in Ann Arbor. She can be reached at jaishreeedit@gmail.com.
Photos by Doug Coombe.
This article is part of the Block by Block series, supported by FHLBank Indianapolis, IFF, and the Community Economic Development Association (CEDAM), the Block by Block series follows small-scale minority-driven development and affordable housing issues in the state of Michigan.