Local non-profit Communities First was recently awarded a $500,000 grant through a competitive grant program to support the development of The Grand on University, an affordable housing apartment building. The new apartment building will include 48 apartment units, private meeting space, a fitness center, and additional space for on-site supportive services for tenants, including homeless and special needs populations.
Communities First partnered with ELGA Credit Union to apply for the grant awarded by the Federal Home Loan Bank of Indianapolis.
Federal Home Loan Bank of Indianapolis (FHLBank Indianapoli)s recently awarded $11.2 million in Affordable Housing Program (AHP) grants to support the acquisition, construction, or rehabilitation of properties for use as affordable homes. FHLBank Indianapolis awarded AHP grants of up to $500,000 to 24 affordable housing developments in Indiana and Michigan.
The 2020 AHP awards will help create or rehabilitate more than 1,000 affordable housing units, affecting communities throughout Indiana and Michigan in the neighborhoods and communities where members do business. Local non-profits, economic development groups or developers must apply in partnership with an FHLBank Indianapolis member financial institution to be eligible for AHP funding.
“We are excited to share this year’s affordable housing grant recipients,” MaryBeth Wott, FHLBank Indianapolis community investment officer said.
“Like previous years, most of these developments include a direct financial involvement from our members,” Wott added. “Through their partnership, our members are using AHP grant dollars to close the development gap and help create more units of affordable housing in the communities they serve.”
Notable highlights of this year’s award-winning projects:
• Community Organizations – local community organizations continue to play a critical role in affordable housing development, with 92% of projects receiving non-profit sponsorship points.
• Neighborhood Stabilization and Preservation – a high priority has been placed on developments that feature preservation, infill development, blight elimination, and targeted community investment areas, with 83% of awarded development receiving points for community stability.
• Close to Transit and Amenities – developing projects near transportation and amenities improves future residents’ quality of life. This year, all 24 winners received points in the desirable sites scoring initiative.
Learn more about the 2020 AHP grant recipients at https://www.fhlbi.com/docs/default-source/resources/community-investment/ahp/2020-ahp—awarded-applications.pdf?sfvrsn=8b44091e_2. Learn more about the FHLBank Indianapolis AHP grant program at https://www.fhlbi.com/products-services/community-investment-and-housing/affordable-housing-program.
