FHLBank Indianapolis Awards $14.9M for 35 Affordable Housing Developments

The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) recently awarded $14.9 million in Affordable Housing Program (AHP) grants to support the acquisition, construction, or rehabilitation of properties for use as affordable homes. During 2019, FHLBank Indianapolis considered 58 applications. FHLBank Indianapolis awarded AHP grants of up to $500,000 each to 35 affordable housing developments.

The 2019 AHP awards will help create more than 1,300 units of affordable housing, affecting communities throughout Indiana and Michigan as well as Illinois, Wisconsin, and Ohio neighborhoods where our members do business. 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.

“Every year, we receive a wide variety of applications from our members and their partners in the communities they serve,” MaryBeth Wott, FHLBank Indianapolis Community Investment Officer said. “In 2019 more than 90% of the awarded developments have financial involvement from an FHLBank Indianapolis member. This highlights the value of the partnership between our member financial institutions and local non-profits and developers.”

Notable highlights of this year’s award-winning projects:

  • Stabilizing Neighborhoods – one-third of the awarded projects will support infill development, blight elimination, Main Street revitalization, and preservation of existing affordable housing.

  • Integrated-Income Housing Solutions – 97% of the awarded projects are for housing developments that will include rental options for both extremely-low and low-income households. Several developments add market rate options as well.

     

  • Close to Transit and Amenities – all 35 awardees are developing affordable housing near transportation and amenity options, which improves the overall quality of life for residents.

Learn more about the 2019 AHP grant recipients. Learn more about the FHLBank Indianapolis AHP grant program.

For the full press release, click here: FHLBank Indianapolis Awards $14.9M for 35 Affordable Housing Developments.