Federal Home Loan Bank of Indianapolis awards $34.1 million in Affordable Housing Program grants
INDIANAPOLIS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “the Bank”) today announced it has awarded $34.1 million in affordable housing grants through its Affordable Housing Program (AHP). Collectively, the grants will help fund 43 housing development projects. This year’s $34.1 million funding round comes close to the single-year Bank record for affordable housing project funding, which hit $34.6 million in 2024.
This year, FHLBank Indianapolis has awarded Affordable Housing Program grants to 43 housing projects, facilitating continued development of housing units that will be classified as affordable for low- to moderate-income households.
Since 1990, FHLBank Indianapolis has offered AHP grants to help fill funding gaps for the acquisition, construction or rehabilitation of properties that provide housing affordable to individuals and households at the very low-, low-, and moderate-income levels. The Affordable Housing Program consists of one annual competitive round in which project sponsors, including non-profit organizations and developers, partner with an FHLBank Indianapolis member institution to apply for grants of up to $1 million to support the cost of development.
“FHLBank Indianapolis is proud to offer reliable sources of funding via our Affordable Housing and other community programs through meaningful partnerships with member financial institutions and community stakeholders,” said President and CEO Brendan McGrath. “In order to help navigate challenges facing the housing industry, in 2025 our Affordable Housing Program will help fund the creation or rehabilitation of an additional 1,578 units of affordable housing.”
Notable 2025 highlights:
- More than $34.1 million awarded
- 43 projects funded
- 3 projects supporting homeownership
- Developing a total of 1,578 units of affordable housing
2025 Affordable Housing Program Award Recipients:
Indiana Projects
| Project Name | Location | Member Financial Institution | Project Sponsor | Award Amount | |
| 21Flats | Indianapolis | Centier Bank | Firefly Children and Family Alliance | $ | 500,000 |
| Artesian Place | Martinsville | Merchants Bank of Indiana | T&H Management Properties, LLC | $ | 750,000 |
| Bluffton Senior Apartments | Bluffton | Merchants Bank of Indiana | Affordable Housing Corporation of Marion, IN | $ | 690,000 |
| BSV II | Bluffton | Old National Bank | Keller Development, Inc. | $ | 600,000 |
| Center City | Lafayette | 1st Source Bank | Habitat for Humanity of Lafayette | $ | 600,000 |
| Charlotte Cove | Fort Wayne | Community State Bank | Keller Development, Inc. | $ | 1,000,000 |
| Daffodil Hill | Marengo | First Savings Bank | Blue River Services | $ | 230,000 |
| Deerpark/111 Lakeview Dr. Apartments | Goshen | Lake City Bank | LaCasa, Inc. | $ | 221,005 |
| Emergency Shelter Facility | Goshen | 1st Source Bank | Bashor Children’s Home | $ | 1,000,000 |
| Golden Villa Rental Rehab Project | Batesville | The Napoleon State Bank | Golden Villa, Inc. | $ | 1,000,000 |
| Ivy Flats | La Porte | Horizon Bank | Housing Opportunities, Inc. | $ | 1,000,000 |
| Kokomo Rescue Mission Renovation | Kokomo | First Farmers Bank & Trust Co. | Kokomo Rescue Mission, Inc. | $ | 1,000,000 |
| LaSalle Park Homes | South Bend | Merchants Bank of Indiana | LaSalle Park Homes, Inc. | $ | 1,000,000 |
| New Horizons | Indianapolis | The National Bank of Indianapolis | Horizon House, Inc. | $ | 1,000,000 |
| Nichols | Salem | First Harrison Bank | Blue River Services, Inc. | $ | 300,000 |
| North Dearborn Village III | West Harrison | The Napoleon State Bank | Lifetime Housing Group, Inc. | $ | 1,000,000 |
| Senior Residences at Harrison Center | Lawrence | Merchants Bank of Indiana | Pivotal GP Holding, LLC | $ | 462,500 |
| Trafalgar Senior Apartments | Trafalgar | German American Bank | Gratus Development, LLC | $ | 1,000,000 |
| Vincent Village Revitalization | Fort Wayne | Three Rivers Federal Credit Union | Vincent Village, Inc. | $ | 800,000 |
| West Oak Street Housing | Butler | Brotherhood Mutual Insurance Co. | Inspiration Ministries, Inc. | $ | 1,000,000 |
| Winding Way Townhomes | Plainfield | Merchants Bank of Indiana | Radiant Communities Development Corporation | $ | 600,000 |
Michigan Projects
| Project Name | Location | Member Financial Institution | Project Sponsor | Award Amount | |
| 4401 Rosa Parks | Detroit | Independent Bank | Cinnaire Solutions Corporation | $ | 850,000 |
| Archdale Senior Apartments | Detroit | Independent Bank | CHN Housing Partners | $ | 1,000,000 |
| Building Community – Phase III | Grand Rapids | Mercantile Bank | Well House | $ | 200,000 |
| Eastport Center | Holland | West Michigan Community Bank | Gateway Mission | $ | 1,000,000 |
| Family Housing | Jackson | County National Bank | Jackson Interfaith Shelter | $ | 1,000,000 |
| Fresh Start Housing | Muskegon | ChoiceOne Bank | Fresh Coast Alliance | $ | 1,000,000 |
| Gesu Senior | Detroit | Independent Bank | MHT Housing, Inc. | $ | 700,000 |
| Hope Village | Grand Rapids | Mercantile Bank | Mel Trotter Ministries | $ | 1,000,000 |
| Lighthouse Campus Housing Opportunity Center | Pontiac | Genisys Credit Union | Lighthouse MI | $ | 1,000,000 |
| Lincoln Avenue Lofts | Port Huron | Genisys Credit Union | Community Housing Network, Inc. | $ | 500,000 |
| Nelson School Apartments | Muskegon | Merchants Bank of Indiana | Muskegon Housing Commission | $ | 1,000,000 |
| Orchard Grove Apartments | Flint Township | ELGA Credit Union | Communities First | $ | 1,000,000 |
| Ottawa Townhomes | Holland | Macatawa Bank, NA | Lakeshore Habitat for Humanity | $ | 500,000 |
| Pleasant Hills East | Grand Rapids | Mercantile Bank | Habitat for Humanity of Kent County | $ | 1,000,000 |
| Preserve on Ash III | Detroit | CORE Community Partners | The Community Builders, Inc. | $ | 750,000 |
| Preston Townhomes | Detroit | ELGA Credit Union | Cinnaire Solutions Corporation | $ | 387,500 |
| Russell Woods Senior Living Community | Detroit | CORE Community Partners | Icon Heritage Partners, LLC | $ | 962,500 |
| Shea Ravines I | Wyoming | Independent Bank | Woda Cooper Companies, Inc. | $ | 1,000,000 |
Out-of-District Projects
| Project Name | Location | Member Financial Institution | Project Sponsor | Award Amount | |
| Greenway Cross | Fitchburg, Wisc. | Old National Bank | Sunny Side Development | $ | 1,000,000 |
| Hearthside Commons | Neenah, Wisc. | Merchants Bank of Indiana | Wisconsin Housing Preservation Corporation | $ | 1,000,000 |
| Mallard Apartments | Placerville, Calif. | Merchants Bank of Indiana | Pacific Southwest Community Development Corporation | $ | 750,000 |
| Middletown Apartments | Placerville, Calif. | Merchants Bank of Indiana | Pacific Southwest Community Development Corporation | $ | 750,000 |
The complete list of 2025 Affordable Housing Program awards can also be found here.
For more information on how FHLBank Indianapolis supports affordable housing and community development efforts across Indiana and Michigan, visit Community Programs at fhlbi.com.
Media contact information:
For more information, contact John Bingham, SVP, MPP and Corporate Communications at FHLBank Indianapolis, at jbingham@fhlbi.com.
Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members' customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn, and Instagram and X at @FHLBankIndy. Please note that content the Bank shares on its website and social media is not incorporated by reference into any of its filings with the SEC unless, and only to the extent that a filing by the Bank with the SEC expressly provides to the contrary.
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