INDIANAPOLIS, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis ("FHLBank Indianapolis” or "the Bank”) announced today that the $16.8 million allocated for its 2024 Affordable Housing Program (AHP) awardees based in Indiana set a single-year Bank record for affordable housing project funding, eclipsing the previous record of $13.5 million in 2014.
Earlier this year, the Bank awarded AHP funds to 19 Indiana-based projects that will facilitate development of 630 units of housing across the state, of which 628 units are classified as affordable for low- to moderate-income households.
The Affordable Housing Program is a competitive grant that consists of one annual round in which project sponsors, including non-profit organizations and developers, partner with an FHLBank Indianapolis member institution to apply for funds. These grants of up to $1 million per project will support the acquisition, construction or rehabilitation of properties that support affordable housing initiatives across the Bank's district of Indiana and Michigan.
In total this year, the Bank awarded more than $34.6 million to 42 projects across Indiana and Michigan, another funding record for the Bank. These projects will result in 1,645 additional units of affordable housing across the district, another Bank record. The previous single-year high was 1,548 affordable housing units in 2019.
"For several decades, FHLBank Indianapolis has been on a mission to support community lending and affordable housing development across our district of Indiana and Michigan, and 2024 has been an incredible year on that front,” FHLBank Indianapolis President and CEO Cindy Konich said. "In partnership with our members, we're proud to support our district's communities with record investments in those sectors. Community solutions, community driven. That's FHLBank Indianapolis.”
The record year in AHP funding comes as increased rent costs across the country have contributed to a significant shortage of housing considered affordable for low- and middle-income households. Recent findings by the National Low-Income Housing Coalition indicate a shortage of more than 139,000 homes affordable and available to extremely low-income renters in Indiana alone.
"Through our Affordable Housing Program, the Bank is thrilled to support the development of an additional 628 units of affordable housing that will house and help stabilize low-income households across Indiana,” said MaryBeth Wott, SVP Community Investment and Strategic Planning Officer. "The applications we received this year were impressive in both number and quality, which speaks to the need for continued investment across the state.”
Notable 2024 highlights:
- More than $34.6 million awarded across Indiana and Michigan
- $16.8 million awarded in Indiana alone
- 19 projects in Indiana
- 42 total projects across Indiana and Michigan
- Developing 628 units of affordable housing in Indiana; 630 units total in Indiana
- Developing a total of 1,645 affordable housing units in 2024, district-wide
| Project Name | Location | Member Financial
Institution | Project Sponsor | Award
Amount | |
| Allison Rose Gardens | Dale | Old National Bank | Keller Development, Inc. | $700,000 | |
| Ashton Acres | New Palestine | Community State Bank | Keller Development, Inc. | $1,000,000 | |
| Autumn Ridge Rehab | Corydon | First Harrison Bank | Blue River Services, Inc. | $500,000 | |
| Bellevue Village | Scottsburg | German American Bank | Rauch, Inc. | $1,000,000 | |
| Blue Line Housing Opportunity Housing | Indianapolis | Indianapolis Neighborhood Housing Partnership, Inc. | Englewood Community Development Corporation | $1,000,000 | |
| Bridge of Grace Housing Project | Fort Waye | Three Rivers Federal Credit Union | Bridge of Grace Ministries, Inc. | $1,000,000 | |
| Building Homes, Community and Hope | Muncie | Old National Bank | Greater Muncie, IN Habitat for Humanity | $1,000,000 | |
| Building Home, Community and Hope 2025 | Evansville | Old National Bank | Habitat for Humanity Evansville | $1,000,000 | |
| Central @ 29 | Indianapolis | Merchants Bank of Indiana | The Community Builders, Inc. | $1,000,000 | |
| Courts of Colfax | Warsaw | Merchants Bank of Indiana | Partnership of Affordable Housing, Inc. | $1,000,000 | |
| Englewood Studios | Indianapolis | The National Bank of Indianapolis | Englewood Community Development Corporation | $1,000,000 | |
| Grand Meridian | Indianapolis | Merchants Bank of Indiana | TWG Development, LLC. | $1,000,000 | |
| Historic Jeff Centre | Lafayette | First Merchants Bank | Lafayette Neighborhood Housing Services, Inc. | $1,000,000 | |
| Landin Pointe | New Haven | STAR Financial Bank | Brightpoint | $1,000,000 | |
| Marvetta & Anthony Grimes Family Center & Apartments | Indianapolis | Merchants Bank of Indiana | Volunteers of America of Ohio & Indiana | $872,020 | |
| NNN Homeownership | South Bend | 1st Source Bank | Near Northwest Neighborhood, Inc. | $255,000 | |
| Southeast Revitalization | Fort Wayne | 1st Source Bank | Habitat for Humanity of Greater Fort Wayne | $836,000 | |
| Troop Town | Mishawaka | Centier Bank | Mishawaka Troop Town | $685,000 | |
| Warrick Place | Indianapolis | Indianapolis Neighborhood Housing Partnership, Inc. | Shepherd Community, Inc. | $1,000,000 | |
See the full list of 2024 Affordable Housing Program recipients here.
For more information on how FHLBank Indianapolis supports affordable housing and community development efforts across Indiana and Michigan, visit the Community Programs page on fhlbi.com.
Media contact information:
For more information, contact Katherine Marshall, Corporate Communications Specialist, at [email protected].
Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members' customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn, and Instagram and X at @FHLBankIndy.
