Muncie Working On Its Housing Problems

From the Muncie Business Journal, The Housing Needle: Part Three

Local bankers and mortgage brokers have recognized the need to incentivize home ownership by offering types of loans where deposits are minimal.  Local police, firefighters, EMTs, professors, and medical professionals all have home loans available to them with no money down.  The Indiana Housing and Community Development Authority (IHCDA) offers down payment assistance if you live in the state and qualify for an FHA mortgage.  The Veteran’s Administration and the USDA offer zero-down programs.  With FHA loans, only 3.5% down is required.  Of course, all these loans require favorable credit.  But lending money to develop lots is quite another story.  These speculative loans are not often a priority for conservative banks.

As difficult as it seems to spark new development, our community DOES have a lot to offer new residents:  location with easy access to Indianapolis, improving schools, remarkable trails and emerging river amenities, active private and community foundations, precious cultural attractions, an increasingly vibrant downtown district, high-quality higher education opportunities, many and varied health and medical resources, and no small measure of Hoosier friendliness.

Among those who fully understand the dynamics associated with more and better housing, there is no shortage of ideas.  We have both assets and challenges.  The establishment of a housing task force/commission represents a mechanism through which all these ideas can be discussed, validated or not, refined, and considered for their potential.  From there, then, a strategic plan for housing—something that has never existed in our community—can be developed and implemented.

I think Muncie has something else: an interest in changing itself. Add that to the assets mentioned, I think the town might not only persist, but also succeed. However, not many cities of this size have all the assets of Muncie. For example, Anderson has some but far from all of Muncie's assets, and less will to make changes. (You might want to read Anderson emerges from pandemic stronger than before, Mayor Broderick says for a comparison.)

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