Community Programs

FHLBank Indianapolis is proud to offer a variety of grant opportunities for affordable housing and economic development initiatives—and we've been doing it since 1990! In just the last 10 years, our Community Investment team has provided nearly $400 million in funding across our grant programs to support affordable housing and economic development initiatives throughout the district.

We've funded the construction of nearly 300 affordable housing projects, totaling more than 11,000 units. Through our homeownership programs, we've helped more than 2,500 households become first-time homeowners and funded modifications and repairs on over 5,000 homes. And our Elevate Small Business Grant has supported the growth and development of more than 100 local businesses across Indiana and Michigan.

We are proud to announce our 2024 Affordable Housing Program Awards! Read the full list of awarded projects here.

The 2024 recipients of our Elevate Small Business Grant have been announced! More information here.

Affordable Housing Initiatives

FHLBank Indianapolis member financial institutions partner with local not-for-profit housing providers, economic development partners and housing developers to use our grants to build affordable housing.

Affordable

^{Pictured: A 2023 Neighborhood Impact Program recipient in Romulus, Michigan used NIP funds to update and replace siding on her family home.}

Affordable Housing Programs

Affordable Housing Program (AHP)

The Affordable Housing Program (AHP) consists of one annual round where projects compete for available funds.

Application Deadline: June 27

Awards Announced: Nov. 22

Homeownership Opportunities Program

The Homeownership Opportunities Program (HOP) is a grant to help qualified first-time homebuyers with down payment, closing and housing counseling cost assistance.

Round Open: April 15

2024 funds have been exhausted.

Neighborhood Impact Program

The Neighborhood Impact Program (NIP) is a grant to assist qualified homeowners with deferred maintenance repairs.

Round Open: May 15

2024 funds have been exhausted.

HomeBoost Down Payment Assistance Program

The HomeBoost Down Payment Assistance Program provides down payment assistance to minority and first-generation first-time homebuyers in Indiana and Michigan.

Round Open: Aug. 14

2024 funds have been exhausted.

Community Development Initiatives

At FHLBank Indianapolis our main goal is to empower local leaders to build stronger and more resilient communities through sustained growth and economic development.

Development

^{Pictured: 2022 Elevate Small Business Grant recipient Brewery Faisan, a Detroit-based microbrewery and taproom.}

Community Development Programs

Elevate Small Business Program

Elevate is a small business grant program that assists the growth and development of small businesses, their workforce and the communities where they are located.

Application Deadline: April 30

Awards Announced: Aug. 1

Tribal Nations Housing Development Assistance Program

This program provides support and flexible funding opportunities designed to target the unique housing and development needs of Michigan's twelve federally recognized tribal nations.

Community Investment Program (Advances & Letters of Credit)

The Community Investments Program (CIP) offers Advances and Letters of Credit a cost-efficient way for FHLBank Indianapolis members to borrow long-term funds to support local economic development.

CDFI Rate Buydown Advance

Our new offering is designed to help CDFIs support housing and economic development in underserved communities. The CDFI Rate Buydown Advance acts as a low-cost source of capital for non-depository CDFIs.

Available now

Community Empowerment

Through our members, the Bank recognizes the need to not just partner with but also champion local leaders and the impact they have on their communities. That's why the Bank created two programs that seek to empower community leaders by strengthening and leveraging local knowledge and resources and by celebrating the difference these individuals make every day in their communities.

Community Catalyst Training Program

Community Catalyst is a virtual training series that allows member institutions to learn from their peers across Indiana and Michigan. Trainings focus on key strategies and best practices for successful participation in FHLBank Indianapolis' grant programs, with the goal of increasing affordable housing and community development opportunities in our members' communities.

Learn More

Catalyst

Community Spirit Award

The Community Spirit Award recognizes an outstanding individual with a demonstrated commitment to improving their community. Community Spirit Award winners are strong advocates for affordable housing and economic development who work to foster diverse, equitable and inclusive communities. Alongside the recognition, FHLBank Indianapolis will make a donation in the recipient's honor to a nonprofit organization or charity of their choice.

Learn More

Award

News

Member Announcements FHLBank Indianapolis allocates nearly $7 million to Rate Advantage mortgage program for low-income homebuyers In response to heavy member demand, the Board of Directors of FHLBank Indianapolis recently approved adding $2.7 million to its new Rate Advantage Program, bringing the total allocation to $6.7 million to make homeownership more affordable to hundreds of low-income residents in Indiana and Michigan.

Community Investments FHLBank Indianapolis announces record in Affordable Housing Program grants FHLBank Indianapolis is proud to announce more than $34.6 million in Affordable Housing Program grants to 42 projects across Michigan and Indiana in 2024 — a record amount of funding for our AHP program.

Member Announcements FHLBank Indianapolis, MSHDA announce mortgage program for low-income, first-time homebuyers In an effort to make homeownership more accessible and affordable in Michigan, the Federal Home Loan Bank of Indianapolis and the Michigan State Housing Development Authority (MSHDA) have created the MSHDA Rate Relief Mortgage Program to benefit low-income, first-time homebuyers in the state.

Community Investments Affordable Housing Program bridges funding gap for historic Lansing school Historic Walter French Junior High School in Lansing, Mich., gets a boost from an FHLBank Indianapolis Affordable Housing Program grant.

See all articles regarding news about FHLBank Indianapolis.