Addressing Housing Needs in Morgan County for Families and Nonprofits
Looking to purchase your first home? Concerned with paying for deferred home maintenance? Are you at risk of having to leave your home due to accessibility issues? Are you a non-profit looking to fund a large scale affordable housing project?
Creditworthy low-income and minority families face significant barriers to sustainable homeownership, one of the most powerful vehicles for building wealth and economic opportunity.
For these working families, affording a down payment is often the largest hurdle they face, making home ownership an unattainable goal. For current homeowners, inflation and declining incomes are major obstacles that can prevent households from making necessary home repairs or modifications for aging in place.
To address these issues, the Federal Home Loan Bank of Indianapolis (FHLBI) provides grants for a variety of options to support the entire cycle of home ownership. FHLBI also serves our communities by partnering with local not-for-profit housing providers, economic development partners, and housing developers as large scale affordable housing projects.
Funding for these grants is directly from The Federal Home Loan Bank of Indianapolis (FHLBI) which serves members as ‘the banker’s bank”. FHLBI is charged with setting aside a percentage of annual profits to support Community Investment Programs. All FHLBI grant funds must be distributed through member banks who choose to participate in the grant programs. Home Bank is excited to support the communities we serve by actively participating in the FHLBI grant programs! To date, Home Bank has infused over $475,000 in our local communities!
Qualified first-time buyers may receive assistance with down payments and closing costs (HOP), current homeowners may receive assistance for allowable home repairs (NIP) and seniors and the disabled may be eligible for funds to complete approved accessibility modifications which allow them to remain in their home. Homeowners that meet the program requirements can receive up to $10,000 in funding through the HOP, NIP and AMP grants
If you are a nonprofit organization working with housing issues for low-income and minority families, FHLBI members also partner with local not-for-profit housing providers, economic development partners, and housing developers to compete for AHP grants of up to $600,000. These grants help fund the acquisition, construction or rehabilitation of properties for use as affordable rental or ownership.
Interested in applying for any of these grants? Funds for HOP, NIP, and AMP will be available beginning May 15th and are available until funds are depleted. Please contact myself or any FHLBI member bank to see if your individual needs can be covered by any of these programs.
Bonnie Arnold, Director of Community Funding Development
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