Community Investments News - January 2023
last updated on Tuesday, January 24, 2023 in Community News
Community Investment News
January 24, 2023
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2023 Targeted Community Lending Plan (TCLP)
On January 20, 2023, the Board of Directors for the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) approved the 2023 Targeted Community Lending Plan.
The plan is published each year and includes information regarding market research about the district, descriptions of how FHLBank Indianapolis will meet the identified needs, as well as community performance goals for 2023.
2023 Affordable Housing Program Implementation Plan (I-Plan)
During the January FHLBank Indianapolis Board of Directors meeting, the directors also approved the 2023 Affordable Housing Program (AHP) Implementation Plan, which is now posted on our website.
Changes were made to the Competitive Affordable Housing Program (AHP) feasibility guidelines, disbursement guidelines, eligibility requirements, and scoring. Changes were also made to Homeownership Initiatives including threshold requirements and per household dollar amounts.
An overview of the changes made to the 2023 AHP Implementation Plan are described in the 2023 AHP Implementation Overview of Updates.
Affordable Housing Program Updates
As described in the Overview of Updates, the maximum subsidy per project in a single round has been increased to $600,000.
- AHP application deadline: July 20, 2023
- Award announcements: November 17, 2023.
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Homeownership Initiatives (Set-asides)
As described in the Overview of Updates, the maximum subsidy per project has been increased to $10,000 for both our Homeownership Opportunities Program and our Neighborhood Impact Program.
Homeownership Opportunities Program (HOP) Only Round:
- March 1- April 30 (see below for more information)
- HOP/NIP/AMP Round: Opens May 15
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Homeownership Opportunities Program (HOP) Only Round
FHLBank Indianapolis recognizes the complexities of supporting first-time homebuyers in the current real estate market. We are happy to announce we are offering a new Homeownership Opportunities Program (HOP) only round beginning March 1, 2023 that offers up to $10,000 for down-payment, closing costs and homebuyer counseling costs to first-time home buyers with a household income at or below 80% of the Area Median Income.
FHLBank Indianapolis will make available $500,000 for this special HOP-only round.
The funds are available on a first-come, first-serve basis until funds are exhausted or end of day April 28, 2023, whichever occurs first. Additional funds will be available in our traditional Homeownership Initiatives round beginning on May 15, 2023 where all three programs will be open: Homeownership Opportunities Program (HOP), Neighborhood Impact Program (NIP), and Accessibility Modifications Program (AMP).
To participate in any Homeownership Initiatives program, regardless of timing, members must have a Master Agreement on file and a 2023 program and system registration for FHLBI.GIVES, which can be found here.
*For returning 2022 participating members, a program and system renewal registration form will be emailed to your program manager on file ahead of the March 1st start date.
Additionally, participation in all Homeownership Initiatives programs requires adhering to the guidelines in the 2023 Implementation Plan (I-Plan).
FHLBank Indianapolis will provide additional information on this new HOP-only round leading up to the March 1st start. In the meantime, please contact housing@fhlbi.com if you have any questions.
2023 Community Investment Matrix
Our year is packed full of different grant opportunities, timelines, and requirements. In order to consolidate these details, we have created a 2023 Community Investment Matrix.
If you have any questions related to our community grant programs, please contact housing@fhlbi.com.
2023 Community Investment Workshops (Virtual and in-Person)
Mark your calendars! Virtual and In-Person Workshops are planned for the end of February and the beginning of March this year. Stay informed by accessing the FHLBI events page below as additional details emerge and registration links are provided.
Mark your calendars! Virtual and In-Person Workshops are planned for the end of February and the beginning of March this year. Stay informed by accessing the FHLBI events page below as additional details emerge and registration links are provided.
fHLBank Indianapolis events
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