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. 1^st 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. 1^st 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. 1^st 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 70x7 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 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.