INDIANAPOLIS, July 17, 2015 (GLOBE NEWSWIRE) -- Today the Federal Home Loan Bank of Indianapolis (FHLBI) awarded $10 million in competitive Affordable Housing Program (AHP) grants to support 22 affordable housing initiatives throughout Indiana and Michigan, which will add 538 units of affordable housing across the two states. FHLBI sets aside 10% of its net earnings annually to fund these and other grants supporting homeownership initiatives for individuals and families whose incomes are 80% or less of the area median.
“Affordable housing is a key part of our mission,” FHLBI President and CEO Cindy L. Konich said. “FHLBI’s Affordable Housing Program, which celebrates its 25th anniversary this year, has had a tremendous impact on Indiana and Michigan communities.” Since 1990, FHLBI has awarded over $250 million in AHP grants.
The bank’s AHP program has developed into one of the most flexible funding sources available for housing projects across the two states. Each year, FHLBI members – banks, credit unions and insurers throughout Indiana and Michigan – partner with local non-profits, economic development groups, or developers to compete for grants to help fund the acquisition, construction, or rehabilitation of properties for use as affordable rentals or affordable home ownership. These awards support a multitude of affordable housing solutions – for example housing for veterans, for people with disabilities, or for children transitioning out of the foster care system.
“Our AHP program is a great way to ensure that grant money is truly attached to local needs,” Konich explained. “FHLBI is incredibly proud of its members and their partners for their commitment to developing affordable housing projects that directly serve their communities.”
Highlights from the 2015 AHP awards include:
- two grants totaling $1 million to create 35 units of housing and stabilize neighborhoods in Indianapolis, IN;
- $214,000 to help build a group home in Grand Rapids, MI designed for persons with special needs;
- $500,000 to repurpose a vacant furniture factory in Connersville, IN into senior housing;
- three grants totaling $1.5 million to rehabilitate housing properties in Salem, Sunman and Loogootee, IN to ensure the viability of affordable housing for seniors in rural communities;
- $500,000 to transform a former Grand Haven, MI nursing home into an emergency homeless shelter.
A complete list of awards and descriptions can be found here. Learn more about FHLBI’s affordable housing and community investment programming here.
FHLBI. Building Partnerships. Serving Communities.
The Federal Home Loan Bank of Indianapolis (FHLBI) is a cooperative owned by its Indiana and Michigan members, which include commercial banks, credit unions, insurance companies, and savings banks. FHLBI is one of 11 regional banks in the Federal Home Loan Bank System, which was created by Congress to ensure that financial institutions have access to low-cost funding to encourage homeownership and economic development in their communities. FHLBanks are privately capitalized and funded, and receive no congressional appropriations. To learn more, visit www.fhlbi.com.