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 our neighborhood by slowing the conversion of single-family homes to rental units or parent-owned student housing, and we try to make it easier for families with low or moderate incomes to buy homes in our neighborhood.

We accomplish these goals by buying a home that is in danger of becoming a rental property or a parent-owned Purdue student house, supervising the rehabilitation of the home, and marketing the home to low or moderate-income families and individuals. An individual is eligible to buy a home from NCHI if he or she earns $33,550 or less per year. A family of four may earn $47,900 or less per year. The family or individual must also be able to qualify for a mortgage, and must be willing to stay in the home for a minimum of fifteen years or be willing to repay the subsidy with the proceeds of the sale of the home.

NCHI provides down payment assistance or rehabilitation loans to qualified homebuyers. The average price of the homes NCHI has purchased has been $98,000. The average subsidy amount is $25,000. The subsidies are usually structured as a second mortgage on the home that is forgiven over a fifteen-year period of time. In other words, if a family or individual stays in the home for fifteen years the second mortgage is never paid. If a family or individual chooses to sell the home, or rent any part of the home, the second mortgage must be paid.

Since our incorporation we have purchased 38 homes.  The homes we've purchased have been on West Lutz, North Chauncey, Lincoln, Robinson, Littleton, Smiley, Rose, and Salisbury. 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 and leave the information on the answering machine.