FHLBI Awards $7.2 Million in Affordable Housing Program Grants

(PressMethod) - Milton J. Miller, President & CEO of the Federal Home Loan Bank of Indianapolis (FHLBI), has announced the 2009B grants totaling $7.2 million under the Bank's Affordable Housing Program (AHP). Round B funded 15 projects to help create 432 units of affordable housing for homeownership, rental, or transitional housing.


Non-profit groups, for profit developers, and public entities partner with an FHLBI member institution to apply for the competitive AHP grants. Member financial institutions will disseminate the dollars to non-profit organizations and developers for the creation of affordable housing projects throughout Michigan and Indiana.



The 2009 B awards reflect a good balance of project types ranging from preservation of existing affordable housing, new construction, and permanent supportive housing. Multiple layers of funding such as Low Income Housing Tax Credits, HOME, CDBG, local private foundations and federal stimulus funds targeted to stabilize neighborhoods will leverage the AHP funding in Michigan and Indiana communities.

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