The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “the Bank”) announced Tuesday 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
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
