FHLBank Indianapolis adds Michigan CDFI member

last updated on Thursday, April 6, 2023 in Business News

FHLBank Indianapolis is growing its membership of certified Community Development Financial Institutions (CDFI) in Michigan.

On March 22, 2023, CORE Community Partners of Bingham Farms, Mich., purchased its initial stock to join the Bank, per the FHLBank Indianapolis Capital Plan.

CORE, which stands for Capital, Opportunity, Resources, Empowerment, is a non-profit, mission-driven organization focused on assisting communities and partners by providing cost-effective lending for predevelopment, construction and acquisition, as well as investing, consulting and other financial services.

“We are excited to welcome CORE Community Partners as a member CDFI focused on strengthening underserved Michigan communities through development and redevelopment of affordable housing,” said Michigan-based Jaime Carver, VP/Michigan Account Director for FHLBank Indianapolis.

Following are recent examples of CORE’s community touch:

  • In Sterling Heights, Mich.: Assisting a community foundation in the new construction of a mixed-use, mixed-income development with 135 new units of housing, resident community space, and commercial space possibly occupied by a health services provider.

  • In Detroit: Provided a loan to a faith-based, non-profit group to acquire a vacant property in Detroit to construct 60 new units of senior and multi-family affordable housing.

With the addition of CORE, the Bank now has four CDFI members, three in Michigan and one in Indiana.

CORE is the second financial institution to join FHLBank Indianapolis in 2023. Compass Credit Union joined in February. FHLBank Indianapolis now totals 346 members in Indiana and Michigan.

Members list: Click here to view (as of Dec. 31, 2022).

Compiled by Scott Thien, Sr. Internal Communications Lead. Contact the FHLBank Indianapolis Corporate Communications department at corpcomm@fhlbi.com.

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