Part of more than $34.6 million in Federal Home Loan Bank of Indianapolis grants to 42 projects across Michigan and Indiana
The Federal Home Loan Bank of Indianapolis announced it is awarding $3.2 million in Affordable Housing Grants to four Affordable Housing Program projects (three in Indiana and one in Michigan) that are supported by Old National Bank – a Federal Home Loan Bank of Indianapolis member institution. These grants support the acquisition, construction, or rehabilitation of properties that support affordable housing initiatives.
“Engaging with, supporting, and strengthening our communities is not only a strategic priority for Old National, but it’s also woven into the fabric of our cultural DNA,” said Kathy Schoettlin, Old National’s Chief Community, Culture & Social Responsibility Officer. “We are thrilled to partner with the Federal Home Loan Bank of Indianapolis and these outstanding project sponsors in support of these vital community projects.”
The Indiana and Michigan grant recipients, in partnership with Old National, are:
|
Project Name |
Location |
Member Financial Institution |
Project Sponsor |
Award Amount |
|||||
|
Gardens |
Dale, IN |
Old National Bank |
Keller Development, Inc. |
$700,000 |
|||||
|
Building Homes, Community and Hope |
Muncie, IN |
Old National Bank |
Greater Muncie, IN Habitat for Humanity |
$1,000,000 |
|||||
|
Building Home, Community and Hope 2025 |
Evansville, IN |
Old National Bank |
Habitat for Humanity Evansville |
$1,000,000 |
|||||
|
Housing As You Are (AYA) |
Grand Rapids, MI |
Old National Bank |
AYA Youth Collective |
$500,000 |
“The impact this is going to have for the long term on youth in our city is really incredible to reflect on,” said Lauren Gamelin VanKeulen, CEO, AYA Youth Collective in Grand Rapids, Mich. “Old National is a core part of making this happen, and for that, we are really grateful. Thank you, 1,000 times, for supporting AYA's application.”
In total this year, the Federal Home Loan Bank of Indianapolis awarded more than $34.6 million to 42 projects across Michigan and Indiana. These projects will result in a record 1,645 additional units of affordable housing across the district.
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 Federal Home Loan Bank of Indianapolis 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.”
See the full list of 2024 Affordable Housing Program recipients here.