FHLBank Awards $9.6M to 25 Indiana, Michigan Affordable Housing Projects

On September 8, the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) awarded nearly $9.6 million in Affordable Housing Program (AHP) grants to 25 projects that will create 762 units of affordable housing within the bank’s two-state service area of Michigan and Indiana. Each AHP project pairs an FHLBank Indianapolis member financial institution with nonprofits, economic development groups, or developers to fund the acquisition, construction, or rehabilitation of properties for use as affordable housing.

“Our members work closely with the communities they know best to support local affordable housing,” said Marybeth Wott, FHLBank Indianapolis Community Investment Officer. “Whether it’s in South Bend or Richmond or Evansville in Indiana, or in Central Lake or Grand Rapids or Pontiac in Michigan, these financial institutions work with community leaders to identify and act on local affordable housing needs.”

Indianapolis Neighborhood Housing Partnership logoFor 2017, almost all of those partnerships are with area nonprofits with their fingers on the pulse of local affordable housing needs. In Indianapolis, for example, FHLBank Indianapolis member Indianapolis Neighborhood Housing Partnership partnered with the John H. Boner Community Center and was awarded a $500,000 AHP grant to support the development of 36 affordable rental units in the IndyEast Promise Zone.

And in Dearborn Heights, Michigan, Amerisure Mutual Insurance Company and partner Vista Maria were awarded $500,000 to help double capacity at Vista Maria’s DeRoy Hall, which provides shelter and treatment for homeless female victims of human trafficking.Amerisure Mutual Insurance Company logo

This year, about three-quarters of awardees are developing affordable housing solutions for special needs populations such as individuals with physical or developmental disabilities, senior citizens, the chronically homeless, and other vulnerable populations.

Review the list of 2017 AHP grant recipients to see which other Indiana and Michigan communities were impacted.