For 25 years now, FHLBI's Community Investment Program (CIP) has provided subsidized funding to assist members with community and economic development projects, including multifamily loans and commercial loans that create or retain jobs or support local infrastructure improvements.
One of the most exciting results of CIP is that insurance companies have found innovative ways to make significant contributions in the area of local job creation. Organizations such as Accident Fund Insurance Company and Jackson National Life Insurance Company are using CIP to create more than 1,500 jobs in the mid-Michigan area.
In 2011, FHLBI member Accident Fund Insurance Company of America opened their national headquarters in a revitalized brownfield and power plant in downtown Lansing, Michigan. The project was funded with CIP dollars and is projected to create 500 jobs.
In 2013, FHLBI member Jackson National Life Insurance Company - also based in Lansing, Michigan - announced plans to double the size of its headquarters, using CIP for part of the project’s financing. The expansion includes a conference center, cafeteria, and a 220,000-square-foot office building slated to open in fall of 2015. In addition to the numerous construction jobs created by the project, the expansion enables Jackson to add 1,000 jobs at its Michigan headquarters.
Jackson National's EnergyStar compliant project has drawn the attention of public officials in Michigan. "The company's continued commitment will strengthen these important relationships while also reinforcing Michigan's well-earned reputation as a great place to do business and create jobs. We are the nation's comeback state thanks to success stories like those of Jackson National," Michigan Governor Rick Snyder noted. "Jackson National has long been a good neighbor in mid-Michigan and a good partner with the entire state."
For more information about CIP contact FHLBI's Marketing Department at 800.442.2568 or the Community Investment Department at 800.688.6697.