GlobeNewswire

Federal Home Loan Bank of Indianapolis awards $15.12 million in Affordable Housing Program grants

32 grant recipients selected from applicants across Indiana, Michigan and Kentucky

INDIANAPOLIS, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis or the Bank) has awarded $15.12 million in affordable housing grants to 32 affordable housing developments in Indiana, Michigan and Kentucky through the Bank’s 2023 Affordable Housing Program (AHP). These AHP grants of up to $600,000 will support the acquisition, construction or rehabilitation of properties for use as affordable homes.

Last year, the Bank awarded more than $7 million, making this year’s AHP grant distribution a 114% increase in funds supporting affordable housing. As a result of the AHP grants, more than 1,150 units of affordable housing will be created or rehabilitated in the neighborhoods and communities where the Bank’s member financial institutions do business.

“This year we were thrilled to offer an increase of funds dedicated to our Affordable Housing Program,” said MaryBeth Wott, SVP/Community Investment and Strategic Planning Officer. “After a rigorous application review process, these 32 projects really stood out for their commitment to serving our communities by creating affordable housing. We are excited to see our grant dollars at work and the positive impact these projects will have on the communities we serve.”

Each year, FHLBank Indianapolis offers AHP grants through a competitive application process. Local non-profits, economic development groups or developers can partner with an FHLBank Indianapolis member financial institution to submit an application.

Notable highlights of this year’s award-winning projects:

  • 94% of projects awarded strive to stabilize neighborhoods through preservation, infill development, blight elimination, main street revitalization, and/or developing projects within targeted investment areas.
  • Six homeownership projects have been awarded, five of which will create new homeownership opportunities for up to 42 families and one that will provide much needed repairs for 25 existing homes.
  • 67% of homeownership and 19% of rental projects awarded will serve low-income minority areas.

INDIANA RECIPIENTS

NameLocationMember Financial InstitutionProject Sponsor
2023 Habitat for Humanity Fields at Highland Affordable Homeownership ProjectMishawaka, Ind.1st Source BankHabitat for Humanity of St. Joseph County
2023 Habitat for Humanity of St. Joseph County Harrison Avenue Affordable Homeownership ProjectSouth Bend, Ind.1st Source BankHabitat for Humanity of St. Joseph County
Aspen MeadowsSalem, Ind.Old National BankHoosier Uplands Economic Development Corporation
Butler TownhousesButler, Ind.Brotherhood Mutual Insurance CompanyInspiration Ministries Inc.
Center for Women and ChildrenEvansville, Ind.Old National BankEvansville Rescue Mission, Inc.
Dillsboro Village Apartments Low Income Senior Rental Rehab ProjectDillsboro, Ind.The Napoleon State BankLifeTime Resources, Inc.
Fortify HomeAuburn, Ind.Community State BankFortify Home, LLC
Greater Indianapolis Habitat – Scattered SitesIndianapolisOld National BankHabitat for Humanity Indianapolis
Home Stabilization ProgramIndianapolisMerchants Bank of IndianaNeighborLink Indianapolis Foundation
Hope’s LandingWarsaw, Ind.Lake City BankHousing for Hope, Inc.
The JeffersonianLafayette, Ind.Old National BankLafayette Neighborhood Housing Services, Inc.
Liberty Somerset, LLCPrinceton, Ind.German American BankAccess Group Wellness Project Corporation
One CommunityCorydon, Ind.First Savings BankBlue River Services, Inc.
Scattered Site 2023-2024Elkhart, Ind.1st Source BankHabitat for Humanity of Elkhart County, Inc.
Snowy Owl CommonsLafayette, Ind.Old National BankArea IV Development, Inc.
Southwind ApartmentsMount Vernon, Ind.German American BankAccess Group Wellness Project Corporation
Temple Avenue TownhomesIndianapolisThe National Bank of IndianapolisEnglewood Community Development Corporation
Thunder PointeFort Wayne, Ind.Community State BankBrightpoint
West Baden LoftsWest Baden Springs, Ind.Merchants Bank of IndianaTWG Development, LLC
Westdale DarbyKokomo, Ind.Community First Bank of IndianaFour Rivers Resource Services, Inc.

KENTUCKY RECIPIENTS

NameLocationMember Financial InstitutionProject Sponsor
Re:Center MinistriesLouisvilleOld National BankReCenter Ministries

MICHIGAN RECIPIENTS

NameLocationMember Financial InstitutionProject Sponsor
121 CatherineAnn Arbor, Mich.Chelsea State BankAnn Arbor Housing Development Corporation
4401 Rosa ParksDetroitIndependent BankCinnaire Solutions Corporation
48 Bridge Street DuplexPetoskey Mich.Charlevoix State BankNorthern Homes Community Development Corporation
Allen ManorGrand Rapids, Mich.Mercantile BankSamaritas
The Anchor at Mariners InnDetroitIndependent BankCinnaire Solutions Corporation
Benson HouseGrand Rapids, Mich.West Michigan Community Bank70x7 Life Recovery
Brush Park ApartmentsDetroitIndependent BankMHT Housing Inc.
Garfield LandingSault Ste Marie, Mich.Central Savings BankCommunity Housing Network, Inc.
Holcomb SchoolDetroitSecurity Credit UnionCommunities First
Immanuel VillageMt. Pleasant, Mich.Isabella BankSamaritas
Rivertown HousingCheboygan, Mich.CORE Community PartnersCheboygan Housing Commission

Links for more information: 2023 AHP grant recipients and AHP grant initiative.

Questions? Contact Scott Thien, Sr. Internal Communications Lead, at sthien@fhlbi.com.

Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities.
FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members' customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and X (formerly known as Twitter) at @FHLBankIndy.

 


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