INDIANAPOLIS, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis ("FHLBank Indianapolis” or "the Bank”) announced today that the $17.7 million allocated for its 2024 Affordable Housing Program (AHP) awardees based in Michigan set a single-year Bank record for affordable housing project funding in the state, eclipsing the previous record of $6.6 million in 2023.
Earlier this year, the Bank awarded AHP funds to 23 Michigan-based projects that will facilitate development of 1,046 units of housing across the state, of which 1,017 units are classified as affordable.
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 Michigan and Indiana.
In total this year, the Bank awarded more than $34.6 million to 42 projects across Michigan and Indiana, 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 Michigan and Indiana, 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 188,000 homes affordable and available to extremely low-income renters in Michigan alone.
"Through our Affordable Housing Program, the Bank is thrilled to support the development of an additional 1,017 units of affordable housing that will house and help stabilize low-income households across Michigan,” 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 AHP highlights:
- More than $34.6 million awarded across Michigan and Indiana
- $17.7 million awarded in Michigan alone
- 23 projects in Michigan; 7 projects in Detroit
- 42 total projects across Michigan and Indiana
- Developing 1,017 units of affordable housing in Michigan; 1,046 units total in Michigan
- Developing a total of 1,645 affordable housing units in 2024
| Project Name | Location | Member Financial
Institution | Project Sponsor | Award
Amount | |
| 671 South Woodland | Muskegon | ChoiceOne Bank | HGA Support Services | $400,000 | |
| Allen Crossing | Muskegon | Merchants Bank of Indiana | Spire Development, Inc. | $550,000 | |
| Amity Commons | Muskegon | Merchants Bank of Indiana | Spire Development, Inc. | $625,000 | |
| Auburn Place | Pontiac | Genisys Credit Union | Lighthouse MI | $760,000 | |
| Beacon Place | Pontiac | Genisys Credit Union | Lighthouse MI | $890,000 | |
| Brewster Wheeler I | Detroit | Lake Trust Credit Union | MHT Housing, Inc. | $1,000,000 | |
| Brewster Wheeler II | Detroit | Lake Trust Credit Union | MHT Housing, Inc. | $1,000,000 | |
| Brewster Wheeler III | Detroit | Lake Trust Credit Union | MHT Housing, Inc. | $1,000,000 | |
| Buersmeyer Manor | Detroit | CORE Community Partners | Coalition on Temporary Shelter | $685,596 | |
| Building Foundations, Building Hope | Lowell | Mercantile Bank | Flat River Outreach Ministries | $1,000,000 | |
| Christian Manor | Muskegon | Mercantile Bank | Samaritas | $1,000,000 | |
| East Bay Flats | Traverse City | West Shore Bank | Goodwill Industries of Northern Michigan | $800,000 | |
| Flats on Bridge | Elk Rapids | Mercantile Bank | HomeStretch Nonprofit Housing Corporation | $800,000 | |
| Housing As You Are (AYA) | Grand Rapids | Old National Bank | AYA Youth Collective | $500,000 | |
| Jefferson Avenue Apartments | Detroit | Independent Bank | CHN Housing Partners | $1,000,000 | |
| Kendra's House | Grand Rapids | Mercantile Bank | Guiding Light Mission | $721,760 | |
| Lofts of Muskegon | Muskegon | Merchants Bank of Indiana | Muskegon Housing Commission | $575,000 | |
| Lurie Terrace | Ann Arbor | Chelsea State Bank | Ann Arbor Affordable Housing Corporation | $1,000,000 | |
| Nisbett-Fairman Residences | Big Rapids | Lake-Osceola State Bank | Big Rapids Housing Commission | $518,000 | |
| Orchard Manor Apartments | Flint | ELGA Credit Union | Communities First | $600,000 | |
| Preserve on Ash I | Detroit | CORE Community Partners | The Community Builders, Inc. | $600,000 | |
| VOA St. Mary | Detroit | Lake Trust Credit Union | Volunteers of America Michigan | $762,500 | |
| West Kalamazoo Phase 1 | Lansing | Horizon Bank | The City Rescue Mission of Lansing, MI | $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.
