The Federal Home Loan Bank of Indianapolis (FHLBI) has awarded $10 million in competitive Affordable Housing Program grants to 22 developments throughout Indiana and Michigan.
The projects will add 538 affordable housing units across the two states.
“Affordable housing is a key part of our mission,” said CEO Cindy L. Konich, FHLBI president and CEO, in a statement. “FHLBI’s Affordable Housing Program, which celebrates its 25th anniversary this year, has had a tremendous impact on Indiana and Michigan communities.” Since 1990, FHLBI has awarded more than $250 million in AHP grants.
FHLBI sets aside 10% of its net earnings annually to fund these and other grants supporting homeownership initiatives for individuals and families whose incomes are 80% or less of the area median.
Highlights from the 2015 AHP awards include:
· Two grants totaling $1 million to create 35 units of housing and stabilize neighborhoods in Indianapolis;
· $214,000 to help build a group home in Grand Rapids, Mich., designed for persons with special needs;
· $500,000 to repurpose a vacant furniture factory in Connersville, Ind., into senior housing;
· Three grants totaling $1.5 million to rehabilitate housing properties in Salem, Sunman, and Loogootee, Ind., to ensure the viability of affordable housing for seniors in rural communities; and
· $500,000 to transform a former Grand Haven, Mich., nursing home into an emergency homeless shelter.
A complete list of awards and descriptions can be found here.