FHLBank Indianapolis allocates nearly $7 million to Rate Advantage mortgage program for low-income homebuyers
last updated on Wednesday, December 4, 2024 in Affordable Housing
In response to heavy member demand, the FHLBank Indianapolis Board of Directors recently approved adding $2.7 million to the Bank's new Rate Advantage Program, bringing the total program allocation to $6.7 million in an effort to make homeownership more accessible and affordable for hundreds of low-income homebuyers in Indiana and Michigan.
The Rate Advantage Program was launched Aug. 15, 2024, with an initial startup of $1 million to support the efforts of the Bank’s members in originating below-market rate conventional loans to eligible borrowers. Within weeks, the funds were nearly depleted, prompting the Board to add $3 million in voluntary funds on Oct. 3 and another $2.7 million on Nov. 22.
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At the end of November 2024, a total of 380 loans were locked or funded in less than four months, resulting in more affordable housing finance opportunities for hundreds of qualified families across the Bank’s district of Indiana and Michigan.
“The high utilization of Rate Advantage underscores the critical need for accessible and reliable housing support across our district,” said Cindy Konich (right), President and CEO of FHLBank Indianapolis. “Supporting affordable housing is a key part of the FHLBank System’s mission, and we’re proud to work with our members to make home ownership a reality for so many.”
Click here to read the Bank's full news release.
Questions about the program? Contact FHLBank Indianapolis Corporate Communications at corpcomm@fhlbi.com or fill out the member inquiry form below.
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