Community Investment Program

Helping strengthen communities through reduced-rate lending products for qualified projects.

Community Investments Program (CIP) advances and letters of credit are a cost-efficient way for FHLBank Indianapolis members to borrow long-term funds to support local economic development. CIP advances have been used to support affordable housing developments, commercial economic development and mixed-use developments.

By pricing the advances at the cost of funds for similar maturities plus an administrative fee, CIP can be a powerful tool for economic growth. These funds can be structured as either variable or fixed rate, with terms as long as 20 years with a variety of amortizations. They are made on a secured basis only, with collateral requirements consistent with those on all FHLBank Indianapolis credit programs. Prepayment fees also may apply.

Program Qualifications

To qualify for CIP funding, any of the following criteria must be met:

Economic Development Projects

  1. The project is located in a neighborhood where the median income is at or below the targeted income level (100% of AMI for urban areas and 115% for rural areas).
  2. The project is located in a federal empowerment zone, enterprise community or champion community; Michigan Renaissance Zone; Indiana Enterprise Zone; areas impacted by federal military base closings; areas eligible for federal Brownfield Tax Credits; or federal/state disaster areas.
  3. Fifty-one percent of the families or individuals served by the project are at or below the program’s targeted income level.
  4. The beneficiary is a small business as defined by the Small Business Act and the SBA.
  5. The annual salaries for at least 51% of the permanent full and part-time jobs, computed on a full-time equivalent basis, created or retained by the project, other than construction jobs, are at or below the targeted income level for the type of business.

Housing Projects

  1. Individual owner-occupied housing units, each of which is purchased or owned by a family with an income at or below 115% of AMI.
  2. Rental housing where at least 51% of the units are occupied by, or rents are affordable to, families with incomes at or below 115% of AMI.

Forms and instructions on how to apply are posted in the CIP Forms & Applications on the right navigation menu.

Technical assistance is available by calling the FHLBank Indianapolis Community Investment staff at 800-688-6697 or email at

How to apply!

Applications are now accepted through our new online system FHLBI.GIVES.  Members must register for user access using the FHLBI.GIVES User Registration form found above.  The application process is open year-round, with processing typically completed within five to seven business days. All of the project’s loans must be closed and funds fully disbursed, or construction draws funded, within a period beginning three months before the CIP funding date and/or ending six months after the funding date. 

FHLBank Indianapolis staff is available to help qualify projects. A funds-only commitment will be established when both the Community Investment and Credit Services departments have approved the application. A single report is required within the six-month commitment period. There is no ongoing follow-up monitoring required.