FHLBank Indianapolis Awards $11.2M for 24 Affordable Housing Developments

The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) recently awarded $11.2 million in Affordable Housing Program (AHP) grants to support the acquisition, construction, or rehabilitation of properties for use as affordable homes. FHLBank Indianapolis awarded AHP grants of up to $500,000 to 24 affordable housing developments in Indiana and Michigan.

The 2020 AHP awards will help create or rehabilitate more than 1,000 affordable housing units, affecting communities throughout Indiana and Michigan in the neighborhoods and communities where our members do business. Local non-profits, economic development groups, or developers must apply in partnership with an FHLBank Indianapolis member financial institution to be eligible for AHP funding.

“We are excited to share this year’s affordable housing grant recipients. Like previous years, most of these developments include a direct financial involvement from our members,” MaryBeth Wott, FHLBank Indianapolis Community Investment Officer, said. “Through their partnership, our members are using AHP grant dollars to close the development gap and help create more units of affordable housing in the communities they serve.”

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

  • Community Organizations – local community organizations continue to play a critical role in affordable housing development, with 92% of projects receiving non-profit sponsorship points.

  • Neighborhood Stabilization and Preservation – a high priority has been placed on developments that feature preservation, infill development, blight elimination, and targeted community investment areas, with 83% of awarded development receiving points for community stability.

  • Close to Transit and Amenities – developing projects near transportation and amenities improves future residents’ quality of life. This year, all 24 winners received points in the desirable sites scoring initiative.

Learn more about the 2020 AHP grant recipients. Learn more about the FHLBank Indianapolis AHP grant program.