The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) recently announced the award of more than $12.6 million in Affordable Housing Program (AHP) grants to support the funding of the acquisition, construction, or rehabilitation of properties for use as affordable rental or homeownership. During 2018, FHLBank Indianapolis received 55 applications for AHP, and awarded grants of up to $500,000 each to 28 affordable housing developments in Indiana and Michigan. In total, the AHP grants awarded will help to create an additional 1,083 units of affordable housing.
To be eligible local nonprofits, economic development groups, or developers seeking affordable housing funding must apply in partnership with an FHLBank Indianapolis member financial institution.
“Each application cycle, we receive a wide variety of applications from our members and their partners in the community with different types of funding configurations,” MaryBeth Wott, FHLBank Indianapolis Community Investment Officer said. “This year’s awardees will address critical housing needs in Indiana and Michigan, and a majority of the awarded developments have financial involvement from an FHLBank Indianapolis member. This highlights the value of partnership between our member financial institutions and local non-profits and developers.”
Notable highlights regarding this year’s awarded developments include:
- Stabilizing Neighborhoods - Nearly 50% of the awarded projects will address preservation, blight elimination, main street restoration, or new construction on vacant infill lots.
- Accessible and Impactful Design – Of the awarded developments, 76% of the projects offer residents homes that were designed to be impactful and accessible. Many developments feature community gathering spaces for empowerment programs available to residents, as well as design features such as no-step entries and showers, wider interior doors and hallways, and ranges with front controls.
- Accelerated Completion Timeline – Many of the developments demonstrated the ability to meet an accelerated completion timeline, with 48% having an estimated completion date of 24 months or December 1, 2020.
Click here for more information about the 2018 AHP grant recipients and to see which Indiana and Michigan communities were impacted.