The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) announced today that $6.9 million in affordable housing grants will be awarded to 16 affordable housing developments in Indiana, Michigan, and Ohio through the 2021 Affordable Housing Program (AHP). These AHP grants of up to $500,000 will support the acquisition, construction, or rehabilitation of properties for use as affordable homes.
As a result of the AHP grants, more than 900 units of affordable housing will be created or rehabilitated in the neighborhoods and communities where our member financial institutions do business.
“We’re excited to see continued support and investment in affordable housing from our member financial institutions throughout the communities in which they do business,” MaryBeth Wott, FHLBank Indianapolis Community Investment Officer, said. “This year, our applicants prioritized providing shelter to the most vulnerable in our communities, which addresses a critical housing need we have seen throughout our district.”
Each year, FHLBank Indianapolis offers AHP grants through a competitive application process. Local non-profits, economic development groups, or developers can partner with an FHLBank Indianapolis member financial institution to submit an application.
Notable highlights of this year’s award-winning projects:
- Extremely low-income households prioritized – the urgency of providing extremely low-income households (<=30% AMI) with safe, decent, affordable housing, has never been more evident, and our development partners understand this with 88% of awarded applications receiving points in the opportunity income targeting category.
- High member participation in financing – member financial institution participation remains strong with 88% of projects receiving points for member financial involvement through equity investment, donations, and interim and/or permanent financing.
- Close to Transit and Amenities – developing projects near transportation and amenities improves future residents’ quality of life. This year, 94% of recipients received points in the desirable sites scoring initiative.
Learn more about the 2021 AHP grant recipients. Learn more about the FHLBank Indianapolis AHP grant program.
INDIANA
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Carolyn Mosby Senior Apartments
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Gary, IN
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Merchants Bank of Indiana
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Gary Housing Authority
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Central @ 29
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Indianapolis, IN
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Merchants Bank of Indiana
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The Community Builders, Inc.
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Emmie June Cove
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Chandler, IN
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Old National Bank
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Keller Development, Inc.
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Governor Park Apartments
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Ellettsville, IN
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Merchants Bank of Indiana
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Governor Park Indiana, LLC
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Madison Lofts
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Fortville, IN
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Merchants Bank of Indiana
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BIC Inc.
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North End Apartments
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Carmel, IN
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Merchants Bank of Indiana
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North End Apartments LLC
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Seymour Lofts
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Seymour, IN
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Merchants Bank of Indiana
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Midwest Support Foundation, Inc.
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West Baden Lofts
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West Baden Springs, IN
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Merchants Bank of Indiana
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TWG Development, LLC
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MICHIGAN
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Alpena Renovation
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Alpena, MI
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Mercantile Bank of Michigan
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Samaritas
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Immeasurably More
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Grand Rapids, MI
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Mercantile Bank of Michigan
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Mel Trotter Ministries
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Raymond E Shepherd House
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Ferndale, MI
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Mercantile Bank of Michigan
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Full Circle Communities, Inc.
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Shelby Trails
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Shelby, MI
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Safe Harbor Credit Union
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Oceana County Housing Commission
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The Grove at Veridian
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Ann Arbor, MI
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Old National Bank
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Avalon Nonprofit Housing Corporation
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Vineyard View Apartments
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Suttons Bay, MI
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Independent Bank
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HomeStretch Nonprofit Housing Corporation
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West Boston Apartments
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Detroit, MI
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Lake Trust Credit Union
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Develop Detroit, Inc.
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OHIO
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Shawnee Lofts
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Lima, OH
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Merchants Bank of Indiana
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New Lima - Housing for the Future
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