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Federal Home Loan Bank of Indianapolis awards $7.24 million in Affordable Housing Program grants

INDIANAPOLIS, Nov. 18, 2022 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis or the Bank) announced today that $7.24 million in affordable housing grants will be awarded to 17 affordable housing developments in Indiana and Michigan through the Bank's 2022 Affordable Housing Program (AHP). These AHP grants of up to $500,000 will support the acquisition, construction or rehabilitation of properties for use as affordable homes.

As a result of the AHP grants, more than 830 units of affordable housing will be created or rehabilitated in the neighborhoods and communities where the Bank's member financial institutions do business.

"We are pleased to partner with our member financial institutions and community partners to increase the units of affordable housing in the communities we serve. The support and enthusiasm this program receives from our member financial institutions is what has led to its success and this has continued this year," said MaryBeth Wott, SVP/Community Investment and Underwriting/Collateral Operations Officer. "Our applicants have prioritized stabilizing neighborhoods through preservation, infill development, developing projects within investment areas and more. We look forward to seeing the positive impact these projects have in their communities."

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:

  • Neighborhood's needs are prioritized – 100% of the projects recommended for funding strive to stabilize neighborhoods through preservation, infill development, blight elimination, main street revitalization and/or developing projects within targeted investment areas.
  • Close to transit and amenities – The development of projects near transportation and amenity options reduces transit costs and improves the overall quality of life for residents. This is recognized by developers as 100% of projects recommended for funding are receiving points in the desirable sites scoring initiative.
  • First-time homebuyers assisted – Homeownership opportunities will be created for up to 17 first-time homebuyers in Indiana and Michigan.

INDIANA RECIPIENTS

Name Subsidy Location Member Financial Institution Project Sponsor
Aspen Meadows $370,000 Salem, IN Old National Bank Hoosier Uplands Economic Development Corp.
Boonville Senior Lofts

$350,000 Boonville, IN Merchants Bank of Indiana Tri-Cap
Central at 29 $420,000 Indianapolis Merchants Bank of Indiana The Community Builders, Inc.
Hope Court $80,000 Elkhart, IN 1st Source Bank Habitat for Humanity of Elkhart County, Inc.
Isabelle Gardens $500,000 Fort Wayne, IN Old National Bank Keller Development, Inc.
Lancaster Apartments $500,000 Gary, IN Centier Bank Communities First
Milan Apartments Rehab $500,000 Milan, IN Freedom Bank Milan Housing for the Elderly
Mullen Flats $500,000 Terre Haute, IN Merchants Bank of Indiana Mental Health America of West Central Indiana
Prominence Commons II $270,000 Portage, IN Centier Bank Housing Opportunities, Inc.
St. Lucas Lofts $500,000 Indianapolis Merchants Bank of Indiana Englewood Community Development Corporation


MICHIGAN RECIPIENTS

Name Subsidy Location Member Financial Institution Project Sponsor
CCSEM St. Matthew $500,000 Detroit Independent Bank Catholic Charities of Southeast Michigan
Hartford Terrace Apartments $500,000 Muskegon, MI Independent Bank Muskegon Housing Commission
Lakeshore Habitat 36th Street Phase I $450,000 Holland, MI Macatawa Bank Lakeshore Habitat for Humanity
Orchard Village Apartments $500,000 Detroit First Merchants Bank CHN Housing Partners
Parkview Apartments $300,000 Traverse City, MI Independent Bank Traverse City Housing Commission
Violet T. Lewis Village (aka Meyers Senior Apartments) $500,000 Detroit Merchants Bank of Indiana Presbyterian Villages of Michigan
Walter French Apartments $500,000 Lansing, MI The Dart Bank Capital Area Housing Partnership


Links for more information: 2022 AHP grant recipients and AHP grant initiative.

Media inquiries: Contact Scott Thien, Sr. Internal Communications Lead, at sthien@fhlbi.com.

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 Twitter (@FHLBankIndy).