Indianapolis, IN — The Federal Home Loan Bank of Indianapolis has awarded a total of $7.24 million in affordable housing grants to 17 affordable housing developments in Indiana and Michigan through the Bank’s 2022 Affordable Housing Program (AHP).
Locally, Milan Housing for the Elderly received a $500,000 grant to rehab senior citizen apartments.
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, the Federal Home Loan Bank of Indianapolis offers AHP grants through a competitive application process.
Local non-profits, economic development groups, or developers can partner with a Federal Home Loan Bank of Indianapolis member financial institution to submit an application.
For more information, visit 2022 AHP grant recipients and AHP grant initiative.
