Federal Home Loan Bank of Indianapolis releases annual Impact Report in Indiana and Michigan
Report details 2023 contributions to affordable housing and community development
INDIANAPOLIS, May 21, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis or “Bank”) has released its 2023 Impact Report detailing the Bank’s contributions to affordable housing and community development in Indiana and Michigan. The report firmly establishes the Bank’s role as a critical economic driver in the region supporting at-risk and underserved populations through required and voluntary programs.
“Despite a tumultuous geopolitical environment, turmoil within the global banking industry and other outside factors, our cooperative still achieved remarkable results on the corporate and social responsibility front,” President and CEO Cindy Konich said. “I am pleased to present this report and share the many ways FHLBank Indianapolis and its employees have made a difference in our district.”
Among the top takeaways from the report: The Bank has increased its allocation to support affordable housing initiatives to 15% of annual net earnings, an additional 5% above the government-required contribution of 10%. This additional funding resulted in greater project support compared to 2022 levels: 10 additional Affordable Housing program projects; 130 additional households assisted with buying or making necessary improvements or accessibility modifications to their home; and 10 additional small businesses supported through the Elevate Small Business Grant Program.
Other highlights include:
- $17,326,372 awarded through the Affordable Housing Program
- In 2023, grants of up to $600,000 helped fill the development gap for the construction or preservation of 1,371 units of affordable housing across Indiana and Michigan.
- $10,982,559 awarded through Homeownership Initiatives Programs
- $1,568,577 was awarded through the Homeownership Opportunities program to 160 households.
- $6,219,764 was awarded through the Neighborhood Impact program to 690 households.
- $2,380,000 was awarded through the Special Purpose Credit Program called HomeBoost: Minority Down Payment Assistance Program to 159 households.
- $276.5 million in Community Investment Program advances and letters of credit funding 11 total projects across the district.
- Launch of the new Money Masters Scholarship Program, where the Bank partners with select member institutions and community organization sponsors to develop and deliver financial literacy education to young adults, who then are eligible for scholarship funds.
- Over $6.5 million spent with diverse vendors.
- In 2023, the Bank’s Vendor Management Office hosted the largest Diverse Supplier Summit to date, with the participation of 10 FHLBanks (including the Office of Finance) and 20 diverse suppliers from across the country.
- 1,520 hours spent volunteering by Bank employees supporting over 40 different organizations.
To read the full report, go to https://www.fhlbi.com/news/federal-home-loan-bank-indianapolis/fhlbank-indianapolis-releases-2023-impact-report-/?utm_source=globenewswire&utm_medium=newsrelease&utm_campaign=impact2023
More information: Contact FHLBank Indianapolis Corporate Communications at [email protected].
About 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.
