New Chauncey Housing provides affordable home ownership for low to moderate income people, promoting the stabilization and preservation of the community.
Vision Statement: All residents will experience a diverse, vibrant neighborhood with shared community ideals.
Who We Are and What We Do
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 was two-fold. To stabilize the near campus neighborhood by slowing the conversion of single-family homes to rental units and to make it easier for persons with low or moderate incomes to buy homes in this neighborhood.
Many of the homes we purchase are in danger of becoming a rental property. Current guidelines require the homes we buy have an after-rehab value of $150,000.00. Due to these restrictions we have expanded into the City of Lafayette. A person is eligible to buy a home from NCHI based on the income limits established by HUD which are specified in the 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.
Since our incorporation we have purchased 69 homes and given assistance to over 62 other properties city wide. For more information about our housing program please contact us at 765-743-6244 or firstname.lastname@example.org.