Federal Home Loan Bank of Indianapolis announces $800,000 in pre-development grants now available for Tribal Nations Housing Development Assistance Program
INDIANAPOLIS, Oct. 16, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or the “Bank”) announced today that pre-development affordable housing grants are now available to the 12 federally recognized tribal nations located in Michigan through the Tribal Nations Housing Development Assistance Program (TNHDAP).
Announced earlier this year, the TNHDAP is a unique and innovative capacity-building housing development grant program in partnership with the Michigan State Housing Development Authority (MSHDA). The TNHDAP provides dedicated training and technical assistance coupled with grant funding opportunities to support tribal nations in creating innovative housing solutions tailored to the unique needs of each nation. The Bank’s program grant of up to $3 million marks the largest investment to a single organization in FHLBank Indianapolis history.
FHLBank Indianapolis is making $800,000 available for project-specific pre-development grants with up to $75,000 available per project. Pre-development dollar grants may support either rental or homeownership projects, dependent upon individual tribal priorities.
“Pre-development grants are often the hardest type of funding to find, and one of the most impactful tools to help kickstart projects,” said Anna Shires, VP, Community Investment Outreach Partner at the Bank. “We’re excited to complement all of the technical assistance underway, and help tribes get one major step closer to providing safe and affordable housing for their communities.”
Through the program, the Bank also will be providing project-specific gap funding subsidies as well as supporting additional capacity building needs identified by tribal nations in Michigan. Through next year, each tribe also will receive dedicated technical assistance to identify their unique housing needs, support for overall housing initiatives and project-specific guidance.
In keeping with the knowledge and capacity-building focus of the program, the National American Indian Housing Council and its partners facilitated a series of training sessions earlier this year focusing on the wide range of available affordable housing solutions. Sessions focused on multi-unit development, Low Income Housing Tax Credits (LITHC) and other funding sources, housing development for special needs populations, and homeownership development opportunities. Sessions included presentations and discussions between the tribes and FHLBank Indianapolis, MSHDA, HUD leadership, the Michigan Balance of State Continuum of Care, and local and national housing and finance industry leaders.
“The completion of this training series represents a significant commitment of time and effort, and we commend everyone involved for their dedication to this critical work,” said Karen Gagnon, Tribal Liaison for MSHDA. “It’s truly exciting to see the program entering its next phase. This support will play a pivotal role in advancing essential housing projects for these communities, and we look forward to the far-reaching impact of these new investments and partnerships.”
For more information about the pre-development grants, visit the Tribal Nations Housing Development Assistance Program page on MSHDA’s website.
More information on the Tribal Nations Housing Development Assistance Program is available at fhlbi.com. For information on FHLBank Indianapolis’ other programs to support affordable housing and community development, see the Community Programs page on fhlbi.com.
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Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide 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 they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., 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 Instagram and X at @FHLBankIndy.
