HUD's Housing Voucher Program
Brings Homeownership to Indiana Renters

Moving from the world of renting to owning recently became a reality for two more Indiana families, due to the efforts of the Indianapolis Housing Agency (IHA), HUD, Indianapolis Neighborhood Housing Partnership, Bank One and Fannie Mae. Yolanda Carter and her two children, and Ms. Tasha Swann and her three children, celebrated the holiday season in their own homes thanks to the HUD-funded Housing Choice Voucher Program operated by IHA. The agency is using a new HUD program that allows renters to use their vouchers to buy a home instead of just paying rent. The IHA has closed on 17 Section 8 homeownership homes to with 2 more expected in March.

Indiana 7th Congressional District Representative Julia Carson, on the left in these pictures, along with Dennis Basset, CEO of Bank One of Indiana, honored the two families with house warming gifts at a special event on December 22. The Carter family is in the left photo and the Swann's are in the right picture.

"Families that work hard everyday deserve every opportunity to move up the economic ladder. Thanks to the innovative work of these partners, we will create a new generation of homeowners who are investing in their future and building a solid financial foundation," said Congresswoman Carson.

Voucher holders usually earn less than 50 percent of the area's median income. As a result, buying a home was rarely a possibility for these families until legislative changes authorized working families and others to use their vouchers for homeownership.

"Homeownership is a critical step in allowing families to become economically self-sufficient. This program assists families in establishing their homes and in establishing their financial futures," stated Basset. Bank One was the originator of both of the loans, which were then sold to Fannie Mae (http://www.fanniemae.com/index.jhtml).