Innovative and Regionally Focused
At FHLBank Indianapolis, we are committed to providing a range of industry-leading programs that go beyond our statutory and regulatory requirements to best serve our district of Indiana and Michigan. These programs are designed with members in mind — uplifting our district's underserved communities by tailoring our programs to their unique needs.
This page provides brief descriptions of the current voluntary programs available to our members, along with relevant funding amounts and dates. Additional program information is available through the links.
FHLBank Indianapolis' Rate Advantage Program encourages the creation of mortgage loans to low-income borrowers and makes these loans more affordable by offering below-market Note rates. The Bank encourages members to originate the below market rate loans and sell them through Advantage MPP by offering a monetary incentive on a per-loan basis.
Allocation: $8.7 million
Status: Funds exhausted
HomeBoost provides up to $25,000 in assistance for down payment and closing and counseling costs to first-generation first-time homebuyers purchasing a home in Indiana or Michigan.
First-time homebuyers intending to purchase a primary residence in Indiana or Michigan must have a household income at or below 120% of the local area median income. Eligible homebuyers also must work with a participating FHLBank Indianapolis member financial institution to apply for HomeBoost funds.
2026 Allocation: $5.3 million
Status: Round opens July 8
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. Recipients of the grant can use up to $20,000 for capital expenditures, workforce training or other needs to get the boost they need to take their business to the next level. This grant is designed to benefit FHLBank Indianapolis members and their customers by strengthening existing relationships.
2026 Allocation: $2.1 million
Notice of Intent due: Sept. 4
Applications due: Oct. 1
The Disaster Relief Program assists homeowners affected by natural disasters in Indiana and Michigan by providing funds for qualified repairs not otherwise covered by insurance or state and federal relief. Disaster Relief Program grants are only available after a declared disaster.
2026 Allocation: $250,000
Status: Available now through May 31 in 42 Michigan counties.
In an effort to promote and improve financial literacy among college-bound students and rising seniors in Indiana and Michigan, FHLBank Indianapolis has partnered with member financial institutions and leading community groups to award more than $100,000 in financial literacy scholarships through the Bank’s Money Masters Scholarship Program.
FHLBank Indianapolis will award up to $25,000 a year to each member institution/youth organization partnership for scholarship recipients for a total of up to $75,000. These awards will be made annually for a three-year period on a first-come, first-served basis. The scholarship funds are deposited into bank accounts with the designated member institutions, which award recipients can access for discretionary expenses.
Status: Stay tuned for program updates
Heirs' property — defined as land or property passed down among family members without a formal will or estate plan after the recorded owner’s death — is increasingly understood as a major barrier to generational wealth-building in vulnerable communities. In 2024, FHLBank Indianapolis partnered with Black Onyx Management to conduct preliminary research into the scope of heirs' property issues across two Indiana communities, Marion and Allen counties, and provide a series of policy recommendations to resolve and prevent future heirs' property issues.
Following on the steps of research published by Detroit Future City in early 2024, the Bank has also partnered with LISC Detroit to design and implement a program to help resolve and prevent existing heirs' property issues in the city of Detroit. The resulting program, administered by LISC Detroit, takes a holistic approach to resolving heirs' property issues through targeted outreach and legal services, coalition building and long-term planning for citywide education and engagement.
Detroit Heirs' Program Allocation: $500,000
Indiana Heirs' Program Allocation: $500,000
Status: In process