FHLBI is pleased to introduce a new grant program for members designed to help low-income senior homeowners and low-income households with disabled persons improve their home’s accessibility.The Accessibility Modifications Program (AMP) will be available as part of the bank's 2014 Homeownership Initiatives, providing members with a great tool to help support housing needs within their community.
“AMP helps our members address housing needs for seniors who wish to age in place,” said Greg Teare, Senior Vice President - Chief Banking Officer for FHLBI. “This will become more common as greater numbers of baby boomers reach retirement age. Instead of moving into retirement homes, assisted-living facilities, nursing homes or with their children, boomers have more of a desire to remain in familiar surroundings.” Teare added that agencies working with veterans might also find AMP useful.
Who is Eligible?
- Households with all members age 62 or older
- Households with a member at least 62 years old and the documented guardian of a household member(s) age 17 or younger
- Households with a disabled member of any age currently receiving Social Security Disability Insurance, Supplemental Security Income or reasonable equivalent state or federally funded disability benefits
- The home must be the owner-occupant’s primary residence and must be occupied for at least 18 months prior to AMP enrollment. Household incomes must be at or below 80% of the area median income.
- The maximum grant per household is $10,000, with a minimum grant of $1,000.
- Eligible repairs must address accessibility needs to assist with aging in place and independent living.
- When possible, modifications should comply with Americans with Disabilities Act (ADA) or Universal Design specifications.
- The AMP grant may only be used for repairs to the home’s livable space or the accessibility route into the home.
- Up to 25% of AMP funds may be used for deferred maintenance items, such as roofing, siding and water heaters.
FHLBI members interested in participating in AMP must attend mandatory training, which will certify them to participate in AMP as well as the other two Homeownership Initiatives - the Homeownership Opportunities Program (HOP) and Neighborhood Impact Program (NIP). All three programs are available on a household-by-household, first come first served basis. AMP and NIP have a member cap of $300,000 per program year, and HOP’s member cap is $500,000. Training will be offered when the 2014 program opens in the spring.