FHLBank Indianapolis Awards $6.9M in Affordable Housing Grants

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

Name

Location

Member Financial Institution

Project Sponsor

Carolyn Mosby Senior Apartments

Gary, IN

Merchants Bank of Indiana

Gary Housing Authority

Central @ 29

Indianapolis, IN

Merchants Bank of Indiana

The Community Builders, Inc.

Emmie June Cove

Chandler, IN

Old National Bank

 

Keller Development, Inc.

Governor Park Apartments

Ellettsville, IN

Merchants Bank of Indiana

Governor Park Indiana, LLC

Madison Lofts

Fortville, IN

Merchants Bank of Indiana

BIC Inc.

North End Apartments

Carmel, IN

Merchants Bank of Indiana

North End Apartments LLC

Seymour Lofts

Seymour, IN

Merchants Bank of Indiana

Midwest Support Foundation, Inc.

West Baden Lofts

West Baden Springs, IN

Merchants Bank of Indiana

TWG Development, LLC

 

MICHIGAN

Name

Location

Member Financial Institution

Project Sponsor

Alpena Renovation

Alpena, MI

Mercantile Bank of Michigan

Samaritas

Immeasurably More

Grand Rapids, MI

Mercantile Bank of Michigan

Mel Trotter Ministries

Raymond E Shepherd House

Ferndale, MI

Mercantile Bank of Michigan

Full Circle Communities, Inc.

Shelby Trails

Shelby, MI

Safe Harbor Credit Union

Oceana County Housing Commission

The Grove at Veridian

Ann Arbor, MI

Old National Bank

Avalon Nonprofit Housing Corporation

Vineyard View Apartments

Suttons Bay, MI

Independent Bank

HomeStretch Nonprofit Housing Corporation

West Boston Apartments

Detroit, MI

Lake Trust Credit Union

Develop Detroit, Inc.

 

OHIO

Name

Location

Member

Sponsor

Shawnee Lofts

Lima, OH

Merchants Bank of Indiana

 

New Lima - Housing for the Future