OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Mortgage Reinstatement Term Sheet

Criteria Terms

Brief description For qualifying homeowners whose financial hardship caused, or contributed to, an accumulated mortgage delinquency (including lender forbearance) that they cannot 

pay, but whose monthly mortgage payment is otherwise affordable based on the homeowner’s current monthly household income (excluding unemployment insurance 

benefits), IHCDA may provide assistance to bring the homeowner’s mortgage or related expenses current.

Housing obligations as listed below are eligible uses of funds:

• Existing first mortgage lien loan payment (principal and interest), escrow shortages.

• Homeowner’s association fees, condominium association fees or common charges, including for lien extinguishment.

• Homeowner, hazard, flood and/or mortgage insurance 

• Delinquent property taxes

• De minimis lender-assessed fees

Maximum amount of

assistance per homeowner

IHCDA will not exceed its “maximum per household IHAF assistance” amount of $50,000 per household. Additionally, assistance is limited to one time per household. 

This does NOT preclude IHCDA from providing additional assistance under subsequently developed programs, however, the sum total of assistance provided under 

existing programs plus any subsequent program shall not exceed $50,000. 
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Criteria Terms

Homeowner eligibility

criteria and documentation

requirements

In addition to any general requirements included in the HAF Guidance and not listed below, eligible homeowners must meet the following criteria:

• The homeowner must have experienced a Qualified Financial Hardship on or after January 21, 2020, associated with the coronavirus pandemic. 

• The homeowner must currently own and occupy the property as their primary residence. The homeowner may only own one mortgaged home. 

• The homeowner must meet the Homeowner Income Eligibility Requirements – eligible homeowners must have incomes equal to or less than 150% of the Area 

Median Income, adjusted for household size, or 100% of the Median Income for the United States, whichever is greater. 

• The original, unpaid principal balance of the homeowner’s first mortgage or housing loan, at the time of origination, was not greater than the conforming loan

limit in effect at time of origination.

• The homeowner’s current front-end housing debt-to-income ratio cannot exceed 38%. 

Required application documents include: 

• IHAF application submitted electronically or by other means if required 

• Third Party Authorization (TPA) and Disclosure Form. 

• Qualifying hardship attestation from homeowner certifying and identifying the eligible hardship and that it occurred on or after January 21, 2020.

• Statement for first mortgage. 

• Income documentation; W2’s, paystubs, previous years’ tax returns, unemployment insurance statements, or alternative income documents as applicable.

Loan eligibility criteria

specific to the program

The homeowner’s current front-end housing debt-to-income ratio cannot exceed 38%.

Second mortgages, reverse mortgages and land contracts are ineligible for assistance. 

 Eligible properties are those that are:

• Single-family (attached or detached) properties

• Condominium units

• 1 to 4-unit properties where the homeowner is living in one of the units as their primary residence. 

• Manufactured homes permanently affixed to real property and taxed as real estate

Eligible legal ownership structures include only the following:
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

• Those where the home is owned by a “natural person” (i.e., LLP, LP or LLC do not qualify)

• Those where the homeowner has transferred their ownership right into non- incorporated, Living Trusts, provided the homeowner occupies the home as the 

primary/principal residence.

Program Exclusions: 

• Open “line of credit” loans.

• Vacant, abandoned, or condemned properties

• Properties for which the occupant is not the deeded owner (except properties held in non-incorporated, Living Trusts) 

• Properties owned by Limited Partnerships, Limited Liability Partnerships, Limited Liability Companies, or other incorporated entities

• Properties located outside the State of Indiana

Form of assistance All assistance is structured as a forgivable, non-recourse, non-interest bearing, non-amortizing loan, secured by a junior lien on the property. The loan has a term of five 

years. The first 20% of the loan will be forgiven 12 months after the loan closing. The remainder of the loan will be forgiven at a rate of 20% per annum thereafter. If the 

borrower sells the property before the loan is fully forgiven, all net sale proceeds, up to the full outstanding principal balance at the time of sale, will be due and payable 

to IHCDA.

Payment requirements IHCDA will disburse IHAF assistance directly to mortgage lender/servicer, county treasurer or local taxing authority, condominium/homeowners’ association, and 

homeowner’s insurance. 

Reinstatement Only: IHCDA will make no more than one disbursement to each payee under the reinstatement only program unless payee notifies IHCDA of a payment 

shortage. 

IHCDA will disburse the amount quoted by the lender/servicer; any discrepancies must be resolved by the homeowner and lender/servicer separately.

If the homeowner’s past due amount exceeds the amount that IHCDA can provide, the homeowner may pay the difference directly to IHCDA prior to or at IHAF loan 

closing.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Mortgage Monthly Payment Assistance Term Sheet

Criteria Terms

Brief description For qualifying homeowners whose monthly mortgage payments are unaffordable based on their current household income, IHCDA may provide temporary monthly 

assistance to cover the homeowner’s first mortgage payment and related expenses.

IHCDA will make no more than six months of monthly mortgage payments directly to the lender under the monthly assistance program, and payments to the county 

treasurer or local taxing authority, condominium/homeowners’ association, and homeowner’s insurance as due while IHCDA is making said monthly payments. 

Housing obligations as listed below are eligible uses of funds:

• Existing first mortgage lien loan payment (principal and interest), escrow shortages.

• Homeowner’s association fees, condominium association fees or common charges, including for lien extinguishment.

• Homeowner, hazard, flood and/or mortgage insurance 

• Delinquent property taxes

• De minimis lender-assessed fees

Maximum amount of

assistance per homeowner

IHCDA will not exceed its “maximum per household IHAF assistance” amount of $50,000 per household. Additionally, assistance is limited to one time per household. 

This does NOT preclude IHCDA from providing additional assistance under subsequently developed programs, however, the sum total of assistance provided under 

existing programs plus any subsequent program shall not exceed $50,000. 

Homeowner eligibility

criteria and documentation

requirements

In addition to any general requirements included in the HAF Guidance and not listed below, eligible homeowners must meet the following criteria:

• The homeowner must have experienced a Qualified Financial Hardship on or after January 21, 2020, associated with the coronavirus pandemic. 

• The homeowner must currently own and occupy the property as their primary residence. The homeowner may only own one mortgaged home.

• The homeowner must meet the Homeowner Income Eligibility Requirements – eligible homeowners must have incomes equal to or less than 150% of the Area 

Median Income, adjusted for household size, or 100% of the Median Income for the United States, whichever is greater. 

• The original, unpaid principal balance of the homeowner’s first mortgage or housing loan, at the time of origination, was not greater than the conforming loan 

limit in effect at time of origination.

• Lender validated monthly first mortgage payment must exceed 25% of the borrower’s gross monthly household income, excluding unemployment insurance 

benefits, and
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

• There must be sufficient funds available within the Maximum Household Assistance cap to allow IHCDA to make at least three monthly mortgage payments to the 

servicers. 

Required application documents include: 

• IHAF application submitted electronically or by other means if required 

• Third Party Authorization (TPA) and Disclosure Form. 

• Qualifying hardship attestation from homeowner certifying and identifying the eligible hardship and that it occurred on or after January 21, 2020.

• Statement for first mortgage.

• Income documentation; W2’s, paystubs, previous years’ tax returns, unemployment insurance statements, or alternative income documents as applicable.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Criteria Terms

Loan eligibility criteria

specific to the program Lender validated monthly first mortgage payment must exceed 25% of the borrower’s gross monthly household income, excluding unemployment insurance benefits, 

and there must be sufficient funds available within the Maximum Household Assistance cap ($50,000) to allow IHCDA to make at least three monthly mortgage 

payments to the servicers. 

Second mortgages, reverse mortgages and land contracts are ineligible for assistance. 

Eligible properties are those that are:

• Single-family (attached or detached) properties

• Condominium units

• 1 to 4-unit properties where the homeowner is living in one of the units as their primary residence. 

• Manufactured homes permanently affixed to real property and taxed as real estate

Eligible legal ownership structures include only the following:

• Those where the home is owned by a “natural person” (i.e., LLP, LP or LLC do not qualify)

• Those where the homeowner has transferred their ownership right into non- incorporated, Living Trusts, provided the homeowner occupies the home as the 

primary/principal residence.

Program Exclusions: 

• Open “line of credit” loans.

• Vacant, abandoned, or condemned properties

• Properties for which the occupant is not the deeded owner (except properties held in non-incorporated, Living Trusts)

• Properties owned by Limited Partnerships, Limited Liability Partnerships, Limited Liability Companies, or other incorporated entities

• Properties located outside the State of Indiana

Form of Assistance All assistance is structured as a forgivable, non-recourse, non-interest bearing, non-amortizing loan, secured by a junior lien on the property. The loan has a term of five 

years. The first 20% of the loan will be forgiven 12 months after the loan closing. The remainder of the loan will be forgiven at a rate of 20% per annum thereafter. If the 

borrower sells the property before the loan is fully forgiven, all net sale proceeds, up to the full outstanding principal balance at the time of sale, will be due and payable 

to IHCDA.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Payment requirements IHCDA will disburse IHAF assistance directly to mortgage lender/servicer, county treasurer or local taxing authority, condominium/homeowners’ association, and 

homeowner’s insurance. 

Monthly Assistance: IHCDA will make no more than six months of monthly mortgage payments directly to the lender under the monthly assistance program, and 

payments to the county treasurer or local taxing authority, condominium/homeowners’ association, and homeowner’s insurance as due while IHCDA is making said 

monthly payments. 

IHCDA will disburse the amount quoted by the lender/servicer; any discrepancies must be resolved by the homeowner and lender/servicer separately.

If the homeowner’s past due amount exceeds the amount that IHCDA can provide, the homeowner may pay the difference directly to IHCDA prior to or at IHAF loan 

closing.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Mortgage Monthly Assistance with Reinstatement Term Sheet

Criteria Terms

Brief description For qualifying homeowners whose financial hardship caused, or contributed to, an accumulated mortgage delinquency (including lender forbearance) that they cannot 

pay, and whose mortgage payments or related expenses are unaffordable based on their current household income, IHCDA may provide assistance to bring the 

homeowner’s mortgage current, followed by temporary monthly assistance to cover the homeowner’s first mortgage payments or related expenses.

IHCDA will make no more than six months of monthly mortgage payments directly to the lender under the monthly assistance program, and payments to the county 

treasurer or local taxing authority, condominium/homeowners’ association, and homeowner’s insurance as due while IHCDA is making said monthly payments. 

Housing obligations as listed below are eligible uses of funds:

• Existing first mortgage lien loan payment (principal and interest), escrow shortages.

• Homeowner’s association fees, condominium association fees or common charges, including for lien extinguishment.

• Homeowner, hazard, flood and/or mortgage insurance 

• Delinquent property taxes

• De minimis lender-assessed fees

Maximum assistance per

homeowner

IHCDA will not exceed its “maximum per household IHAF assistance” amount of $50,000 per household. Additionally, assistance is limited to one time per household. 

This does NOT preclude IHCDA from providing additional assistance under subsequently developed programs, however, the sum total of assistance provided under 

existing programs plus any subsequent program shall not exceed $50,000. 

Homeowner eligibility

criteria and documentation

requirements

In addition to any general requirements included in the HAF Guidance and not listed below, eligible homeowners must meet the following criteria:

• The homeowner must have experienced a Qualified Financial Hardship on or after January 21, 2020, associated with the coronavirus pandemic. 

• The homeowner must currently own and occupy the property as their primary residence. The homeowner may only own one mortgaged home. 

• The homeowner must meet the Homeowner Income Eligibility Requirements – eligible homeowners must have incomes equal to or less than 150% of the Area 

Median Income, adjusted for household size, or 100% of the Median Income for the United States, whichever is greater. 

• The original, unpaid principal balance of the homeowner’s first mortgage or housing loan, at the time of origination, was not greater than the conforming loan 

limit in effect at time of origination.

• Lender validated monthly first mortgage payment must exceed 25% of the borrower’s gross monthly household income, excluding unemployment insurance 
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

benefits, and

• Following the reinstatement portion of assistance, if applicable, there must be sufficient funds available within the Maximum Household Assistance cap to allow 

IHCDA to make at least three monthly mortgage payments to the servicers. 

Required application documents include: 

• IHAF application submitted electronically or by other means if required 

• Third Party Authorization (TPA) and Disclosure Form. 

• Qualifying hardship attestation from homeowner certifying and identifying the eligible hardship and that it occurred on or after January 21, 2020.

• Statement for first mortgage. 

• Income documentation; W2’s, paystubs, previous years’ tax returns, unemployment insurance statements, or alternative income documents as applicable.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Criteria Terms

Loan eligibility criteria 

Lender validated monthly first mortgage payment must exceed 25% of the borrower’s gross monthly household income, excluding unemployment insurance benefits, 

and, following the reinstatement portion of assistance, if applicable, there must be sufficient funds available within the Maximum Household Assistance cap ($50,000) to 

allow IHCDA to make at least three monthly mortgage payments to the servicers. 

Second mortgages, reverse mortgages and land contracts are ineligible for assistance. 

Eligible properties are those that are:

• Single-family (attached or detached) properties

• Condominium units

• 1 to 4-unit properties where the homeowner is living in one of the units as their primary residence. 

• Manufactured homes permanently affixed to real property and taxed as real estate

Eligible legal ownership structures include only the following:

• Those where the home is owned by a “natural person” (i.e., LLP, LP or LLC do not qualify)

• Those where the homeowner has transferred their ownership right into non- incorporated, Living Trusts, provided the homeowner occupies the home as the 

primary/principal residence.

Program Exclusions: 

• Open “line of credit” loans.

• Vacant, abandoned, or condemned properties

• Properties for which the occupant is not the deeded owner (except properties held in non-incorporated, Living Trusts)

• Properties owned by Limited Partnerships, Limited Liability Partnerships, Limited Liability Companies, or other incorporated entities

• Properties located outside the State of Indiana

Form of assistance All assistance is structured as a forgivable, non-recourse, non-interest bearing, non-amortizing loan, secured by a junior lien on the property. The loan has a term of five 

years. The first 20% of the loan will be forgiven 12 months after the loan closing. The remainder of the loan will be forgiven at a rate of 20% per annum thereafter. If the 

borrower sells the property before the loan is fully forgiven, all net sale proceeds, up to the full outstanding principal balance at the time of sale, will be due and payable 

to IHCDA.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021

Payment requirements IHCDA will disburse IHAF assistance directly to mortgage lender/servicer, county treasurer or local taxing authority, condominium/homeowners’ association, and 

homeowner’s insurance. 

Monthly Assistance with Reinstatement: IHCDA will make no more than six months of monthly mortgage payments directly to the lender under the monthly assistance 

program, and payments to the county treasurer or local taxing authority, condominium/homeowners’ association, and homeowner’s insurance as due while IHCDA is 

making said monthly payments. 

IHCDA will disburse the amount quoted by the lender/servicer; any discrepancies must be resolved by the homeowner and lender/servicer separately.

If the homeowner’s past due amount exceeds the amount that IHCDA can provide, the homeowner may pay the difference directly to IHCDA prior to or at IHAF loan 

closing.
OMB Approved No.: 1505-0269

Expiration Date: 10/31/2021