FHLBank Indianapolis awards $7.24 million in Affordable Housing Program Grants

last updated on Wednesday, November 23, 2022 in Community News

The Federal Home Loan Bank of Indianapolis announced today that $7.24 million in affordable housing grants will be awarded to 17 affordable housing developments in Indiana and Michigan through the Bank’s 2022 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 830 units of affordable housing will be created or rehabilitated in the neighborhoods and communities where the Bank’s member financial institutions do business.

"We are pleased to partner with our member financial institutions and community partners to increase the units of affordable housing in the communities we serve. The support and enthusiasm this program receives from our member financial institutions is what has led to its success and this has continued this year,” said MaryBeth Wott, SVP/Community Investment and Underwriting/Collateral Operations Officer. “Our applicants have prioritized stabilizing neighborhoods through preservation, infill development, developing projects within investment areas and more. We look forward to seeing the positive impact these projects have in their communities.”

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.

Click here to read the news release. Click here for more on the AHP initiative and a complete grant recipients list for 2022.