What is Grant for Grads?
Grant for Grads is a housing assistance program provided through the City of Frankfort and administered by Affordable Housing & Community Development Corporation (AHC). This program is specifically for graduates with an associate’s degree or higher who are choosing to work in Clinton County and live in Frankfort, Indiana.
Homebuyer Incentive Program
Receive up to $5,000 to pay for your down payment and/or closing costs as you purchase a home in the City of Frankfort! The principal will be forgiven at 20% per year as long as you reside in the home. AHC will guide you through the home buying process.
Renter Incentive Program
Receive a 20% reduction in monthly rent payments, for a rental property with monthly rent less than or equal to HUD’s Fair Market Rent paid directly to the landlord on your behalf. The maximum program benefit is $2,500 up to 2 years with a minimum lease agreement of 12 months. Receive a maximum program benefit of $2,500 in down payment and/or closing costs toward a home purchase. Purchase must close within twelve (12) months of the last rental assistance payment.
What’s in it for Graduates?
We pay, you stay! If you have a bona fide full-time job offer or have been at your current full-time job for less than 2 years, Grant for Grads can cover a portion of the down payment and/or closing costs to help you purchase a home or Grant for Grads can pay a portion of your monthly rent up to $2,500 and/or for up to 2 years in the City of Frankfort.
What’s in it for Employers?
Retain educated employees! Utilize the Grant for Grads program as an incentive for current or potential employees to work in the City of Frankfort.
How to Apply
- Contact Affordable Housing Corporation (AHC) to receive an application packet and learn if you qualify for the program.
- Complete and return packet to AHC.
- If you qualify, a certified housing counselor will contact you to request a $250 processing fee to verify your information.
- When the verification process is complete, the counselor will contact you to discuss the results and status of your application.
Affordable Housing Corporation
812 S. Washington St.
Marion, IN 46953
1. Who qualifies for the program?
Graduates of an accredited post-secondary institution/program with an associate’s degree or higher who work in Clinton County and live in the City of Frankfort, Indiana:
- Associate’s degree or higher from accredited post-secondary institutions/programs approved by City of Frankfort.
- Recent employment in Clinton County classified as a permanent full-time position. This does not have to be the applicant’s first job after graduation.
- Graduates may not have owned a home in City of Frankfort in the past 5 years and/or previously rented a home in the City of Frankfort except for temporary rental housing with permanent residence outside the City of Frankfort.
2. Can I still apply if I’m already working in the City of Frankfort?
Yes! Graduates who are currently employed may still be eligible based on a review of the circumstances.
Homebuyer applications received within 180 days of start date are eligible for full $5,000. Applications received 181 days-2 years after start date are eligible for $2,500 in down payment and/or closing costs. Rental applications received within 2 years of start date are eligible for up to $2,500 in rental assistance and $2,500 toward down payment and/or closing cost for the purchase of a home; home purchase must close within twelve months of the last rental assistance payment.
3. Can I still apply if I already own a home in the City of Frankfort?
No. Unfortunately the grant dollars can only be applied toward initial down payment or closing costs and cannot be applied retroactively. Graduates wishing to purchase a home cannot have owned a home in the City of Frankfort within the past 5 years.
4. Where can I live?
You can live anywhere in the City of Frankfort in a one-family residence, not to be used as an investment property. Property must be deemed habitable as defined by a qualified inspector.
5. If I start as a renter, can I switch to the homebuyer incentive?
Yes! Even if you have expended the entire renter incentive program benefit of $2,500, you are still eligible to apply for $2,500 toward down payment and/or closing cost for the purchase of an eligible Frankfort home; home purchase must close within twelve months of the last rental assistance payment.