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
| Name | Location | Member Financial Institution | Project Sponsor |
| 2023 Habitat for Humanity Fields at Highland Affordable Homeownership Project | Mishawaka, Ind. | 1st Source Bank | Habitat for Humanity of St. Joseph County |
| 2023 Habitat for Humanity of St. Joseph County Harrison Avenue Affordable Homeownership Project | South Bend, Ind. | 1st Source Bank | Habitat for Humanity of St. Joseph County |
| Aspen Meadows | Salem, Ind. | Old National Bank | Hoosier Uplands Economic Development Corporation |
| Butler Townhouses | Butler, Ind. | Brotherhood Mutual Insurance Company | Inspiration Ministries Inc. |
| Center for Women and Children | Evansville, Ind. | Old National Bank | Evansville Rescue Mission, Inc. |
| Dillsboro Village Apartments Low Income Senior Rental Rehab Project | Dillsboro, Ind. | The Napoleon State Bank | LifeTime Resources, Inc. |
| Fortify Home | Auburn, Ind. | Community State Bank | Fortify Home, LLC |
| Greater Indianapolis Habitat – Scattered Sites | Indianapolis | Old National Bank | Habitat for Humanity Indianapolis |
| Home Stabilization Program | Indianapolis | Merchants Bank of Indiana | NeighborLink Indianapolis Foundation |
| Hope’s Landing | Warsaw, Ind. | Lake City Bank | Housing for Hope, Inc. |
| The Jeffersonian | Lafayette, Ind. | Old National Bank | Lafayette Neighborhood Housing Services, Inc. |
| Liberty Somerset, LLC | Princeton, Ind. | German American Bank | Access Group Wellness Project Corporation |
| One Community | Corydon, Ind. | First Savings Bank | Blue River Services, Inc. |
| Scattered Site 2023-2024 | Elkhart, Ind. | 1st Source Bank | Habitat for Humanity of Elkhart County, Inc. |
| Snowy Owl Commons | Lafayette, Ind. | Old National Bank | Area IV Development, Inc. |
| Southwind Apartments | Mount Vernon, Ind. | German American Bank | Access Group Wellness Project Corporation |
| Temple Avenue Townhomes | Indianapolis | The National Bank of Indianapolis | Englewood Community Development Corporation |
| Thunder Pointe | Fort Wayne, Ind. | Community State Bank | Brightpoint |
| West Baden Lofts | West Baden Springs, Ind. | Merchants Bank of Indiana | TWG Development, LLC |
| Westdale Darby | Kokomo, Ind. | Community First Bank of Indiana | Four Rivers Resource Services, Inc. |
KENTUCKY RECIPIENTS
| Name | Location | Member Financial Institution | Project Sponsor |
| Re:Center Ministries | Louisville | Old National Bank | ReCenter Ministries |
MICHIGAN RECIPIENTS
| Name | Location | Member Financial Institution | Project Sponsor |
| 121 Catherine | Ann Arbor, Mich. | Chelsea State Bank | Ann Arbor Housing Development Corporation |
| 4401 Rosa Parks | Detroit | Independent Bank | Cinnaire Solutions Corporation |
| 48 Bridge Street Duplex | Petoskey Mich. | Charlevoix State Bank | Northern Homes Community Development Corporation |
| Allen Manor | Grand Rapids, Mich. | Mercantile Bank | Samaritas |
| The Anchor at Mariners Inn | Detroit | Independent Bank | Cinnaire Solutions Corporation |
| Benson House | Grand Rapids, Mich. | West Michigan Community Bank | 70×7 Life Recovery |
| Brush Park Apartments | Detroit | Independent Bank | MHT Housing Inc. |
| Garfield Landing | Sault Ste Marie, Mich. | Central Savings Bank | Community Housing Network, Inc. |
| Holcomb School | Detroit | Security Credit Union | Communities First |
| Immanuel Village | Mt. Pleasant, Mich. | Isabella Bank | Samaritas |
| Rivertown Housing | Cheboygan, Mich. | CORE Community Partners | Cheboygan Housing Commission |
Links for more information: 2023 AHP grant recipients and AHP grant initiative.
Questions? Contact Scott Thien, Sr. Internal Communications Lead, at [email protected].
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.
