Community Programs

FHLBank Indianapolis is proud to offer a variety of grant opportunities for affordable housing and economic development initiatives — and we've been doing it since 1990! In just the last 10 years, our Community Investment team has provided nearly $400 million in funding across our grant programs to support affordable housing and economic development initiatives throughout the district.

We've funded the construction of nearly 300 affordable housing projects, totaling more than 11,000 units. Through our Homeownership Initiatives, we've helped more than 2,500 households become first-time homeowners and funded modifications and repairs on over 5,000 homes. And our Elevate Small Business Grant has supported the growth and development of more than 100 local businesses across Indiana and Michigan!

Affordable Housing & Community Development

Affordable Housing ProgramProviding crucial gap funding that supports affordable housing development across Indiana and Michigan.

2025 round materials coming soon. Launch – Down Payment AssistanceLaunch provides qualified first-time homebuyers with down payment, closing and housing counseling cost assistance.

2025 round opens April 15
Revive – Home Repair GrantRevive – Home Repair Grant helps qualified homeowners with deferred maintenance repairs and necessary accessibility upgrades.

2025 round opens May 15 HomeBoost – Special Down Payment AssistanceHomeBoost Down Payment Assistance provides down payment assistance to minority & first-generation first-time homebuyers in Indiana and Michigan.

2025 round opens July 9 Tribal Nations Housing DevelopmentProviding support and flexible funding opportunities that target the unique needs of the tribal nations in Michigan.

Status: Pre-development grants available now Heirs' PropertyOur initiatives in Indiana and Michigan support data-driven, holistic strategies to prevent and resolve heirs' property issues.

Detroit Program Allocation: $500,000 Disaster Relief ProgramThe Disaster Relief Program provides assistance to homeowners affected by natural disasters in Indiana and Michigan.

Status: Currently closed Elevate Small Business GrantsOur Elevate Small Business Grant provides grant funds for members to support small businesses development in their communities. Community Investment ProgramCommunity Investments Program (CIP) advances and letters of credit are a cost-efficient way for FHLBank Indianapolis members to borrow long-term funds to support local economic development. CDFI Rate Buydown AdvanceThe CDFI Rate Buydown Advance supports the needs of non-depository CDFIs across our district.

2024 Allocation: $5 million
Status: Available now Community Catalyst Training ProgramOur FHLBank Indianapolis Community Catalyst Training Program provides the background and training needed for members to get started with affordable housing and community development. Community Spirit AwardThe Community Spirit Award honors an outstanding individual at one of our member institutions in Indiana and Michigan.

Community Support Program

To maintain access to FHLBank Indianapolis' long-term credit and Community Investment products, our members are required to submit a Community Support Statement (CSS) to the Federal Housing Finance Agency (FHFA) every two years (in odd-numbered years) to document their federal Community Reinvestment Act (CRA) performance and record of lending to first-time homebuyers. FHLBank Indianapolis will provide written notice to members subject to Community Support Program (CSP) review, including instructions for completing the CSS form, prior to the start of the biennial review cycle.

Public comments

Nonprofit organizations, community groups, and other interested parties may comment on a FHLBank member’s record. Public comments on an individual FHLBank member should be submitted to the FHFA via email to hmgcommunitysupportprogram@fhfa.gov. The list of members currently subject to CSP review and the current CSP review schedule are forthcoming and will be posted here.

Failure to meet CSS requirements

If a member does not submit a CSS or fails to meet the CSP requirements, the FHFA requires FHLBank Indianapolis to restrict the member's access to our services and products. Once access is restricted, the member cannot borrow advances for longer than one year or access Community Investment programs, including the competitive Affordable Housing Program, Homeownership Initiatives programs, or Community Investment Program (CIP) products. The restriction can be lifted by submission of a CSS that meets the FHFA requirements.

Contact

Questions related to the CSP can be directed to FHLBank Indianapolis Community Investment at 317-465-0200 or communitysupportprogram@fhlbi.com.

News

Member Announcements FHLBank Indianapolis allocates nearly $7 million to Rate Advantage mortgage program for low-income homebuyers In response to heavy member demand, the Board of Directors of FHLBank Indianapolis recently approved adding $2.7 million to its new Rate Advantage Program, bringing the total allocation to $6.7 million to make homeownership more affordable to hundreds of low-income residents in Indiana and Michigan.

Community Investments FHLBank Indianapolis announces record in Affordable Housing Program grants FHLBank Indianapolis is proud to announce more than $34.6 million in Affordable Housing Program grants to 42 projects across Michigan and Indiana in 2024 — a record amount of funding for our AHP program.

Member Announcements FHLBank Indianapolis, MSHDA announce mortgage program for low-income, first-time homebuyers In an effort to make homeownership more accessible and affordable in Michigan, the Federal Home Loan Bank of Indianapolis and the Michigan State Housing Development Authority (MSHDA) have created the MSHDA Rate Relief Mortgage Program to benefit low-income, first-time homebuyers in the state.

Community Investments Affordable Housing Program bridges funding gap for historic Lansing school Historic Walter French Junior High School in Lansing, Mich., gets a boost from an FHLBank Indianapolis Affordable Housing Program grant.

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