Innovative and Regionally Focused
At FHLBank Indianapolis, we are committed to providing a range of industry-leading programs that go beyond our statutory and regulatory requirements to best serve our district of Indiana and Michigan. These programs are designed with members in mind — uplifting our district's underserved communities by tailoring our programs to their unique needs.
This page provides brief descriptions of the current voluntary programs available to our members, along with relevant funding amounts and dates. Additional program information is available through the links.
FHLBank of Indianapolis is partnering with the Michigan State Housing Development Authority (MSHDA) to provide our members an opportunity to offer attractive loan rates to Michigan low-income households. This is a specific program where FHLBank Indianapolis has purchased a $50M MSHDA bond (Series F) to support affordable housing in Michigan. FHLBank Indianapolis members will have the opportunity to sell single-family mortgage loans to MSHDA as part of the special program.
Loans sold into this special program will have qualifications that are geared to serve Michigan low-income households. Program qualifications and loan eligibility requirements are accessible to members on Member Link, by contacting their account manager or approved MSHDA lenders can contact MSHDA directly.
Status: Available now
The Federal Home Loan Bank of Indianapolis is launching a new program designed to assist community development financial institutions in supporting housing and economic development in underserved communities. CDFI Rate Buydown Advances will serve as a low-cost source of capital for non-depository CDFIs headquartered in our district of Indiana and Michigan.
CDFI Rate Buydown Advances allow non-depository CDFI member institutions to borrow directly from the Bank while also encouraging other member financial institutions to lend to non-depository CDFIs, regardless of Bank membership.
2024 Allocation: $5 million
Status: Available now
FHLBank Indianapolis' new Rate Advantage Program encourages the creation of mortgage loans to low-income borrowers and makes these loans more affordable by offering below market Note rates. The Bank encourages members to originate the below market rate loans and sell them through Advantage MPP by offering a monetary incentive on a per-loan basis.
The Rate Advantage Program is now available to all members approved to sell loans through the Advantage Mortgage Purchase Program and includes a $10,000 incentive paid for each qualifying below-market conventional loan. Available incentives have a $100,000 per-member cap to allow all members equal access to these first-come, first served funds.
2024 Allocation: $4 million
Status: Available now
HomeBoost is a special purpose credit program that provides up to $25,000 in assistance for down payment and closing and counseling costs to minority and first-generation first-time homebuyers purchasing a home in Indiana or Michigan.
First-time homebuyers intending to purchase a primary residence in Indiana or Michigan who:
- identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander; or
- are a first-generation homebuyer as defined by program requirements; and
- have a household income at or below 120% of the local Area Median Income.
Eligible homebuyers must work with a participating FHLBank Indianapolis member financial institution to apply for HomeBoost funds.
2024 Allocation: $7.5 million
Status: 2024 round is closed
The Tribal Nations Housing Development Assistance Program (TNHDAP), launched in partnership with the Michigan State Housing Development Authority (MSHDA), builds upon the existing capacity of Michigan’s twelve federally recognized tribal nations by providing the resources and support necessary to develop affordable housing programs that respond to the unique needs of these communities.
The grant provides flexible funding to help remove barriers to program participation and will cover critical pre-development expenses, respond to additional capacity building needs and opportunities, and help bridge project financing gaps. The TNHDAP will assist tribal nations with new housing development while also supporting needed upgrades to existing homes.
Allocation: $3 million
Status: Pre-development grants are available now
Elevate is a small business grant program that assists the growth and development of small businesses, their workforce and the communities where they are located. Recipients of the grant can use up to $20,000 for capital expenditures, workforce training or other needs to get the boost they need to take their business to the next level. This grant is designed to benefit FHLBank Indianapolis members and their customers by strengthening existing relationships.
2024 Allocation: $1 million
Status: 2024 round is closed
The Disaster Relief Program assists homeowners affected by natural disasters in Indiana and Michigan by providing funds for qualified repairs not otherwise covered by insurance or state and federal relief. Disaster Relief Program grants are only available after a declared disaster.
The Disaster Relief Program was made available beginning Aug. 7, 2024, with a $250,000 allocation to assist residents in declared disaster areas after severe weather and storms in April and May. Current Disaster Relief Program funds are available to qualified residents of the following localities: Delaware, Jefferson, Posey and Randolph counties in Indiana, and Branch, Cass, Kalamazoo and St. Joseph counties in Michigan.
2024 Allocation: $250,000
Status: Available now through Dec. 31, 2024, or until funds are exhausted.
In an effort to promote and improve financial literacy among college-bound students and rising seniors in Indiana and Michigan, so far in 2024 the Federal Home Loan Bank of Indianapolis has partnered with member financial institutions and leading community groups to award more than $100,000 in financial literacy scholarships through the Bank’s Money Masters Scholarship Program.
FHLBank Indianapolis will award up to $25,000 a year to each member institution/youth organization partnership for scholarship recipients for a total of up to $75,000. These awards will be made annually for a three-year period on a first-come, first-served basis. The scholarship funds are deposited into bank accounts with the designated member institutions, which award recipients can access for discretionary expenses.
2024 Allocation: $100,000
Status: Stay tuned for program news coming in 2025