Federal Home Loan Bank of Indianapolis releases annual Impact Report in Indiana and Michigan
May 21 2024 - 11:15AM
The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis
or “Bank”) has released its 2023 Impact Report detailing the Bank’s
contributions to affordable housing and community development in
Indiana and Michigan. The report firmly establishes the Bank’s role
as a critical economic driver in the region supporting at-risk and
underserved populations through required and voluntary programs.
“Despite a tumultuous geopolitical environment, turmoil within
the global banking industry and other outside factors, our
cooperative still achieved remarkable results on the corporate and
social responsibility front,” President and CEO Cindy Konich said.
“I am pleased to present this report and share the many ways
FHLBank Indianapolis and its employees have made a difference in
our district.”
Among the top takeaways from the report: The Bank has increased
its allocation to support affordable housing initiatives to 15% of
annual net earnings, an additional 5% above the government-required
contribution of 10%. This additional funding resulted in greater
project support compared to 2022 levels: 10 additional Affordable
Housing program projects; 130 additional households assisted with
buying or making necessary improvements or accessibility
modifications to their home; and 10 additional small businesses
supported through the Elevate Small Business Grant Program.
Other highlights include:
- $17,326,372 awarded through the Affordable Housing Program
- In 2023, grants of up to $600,000 helped fill the development
gap for the construction or preservation of 1,371 units of
affordable housing across Indiana and Michigan.
- $10,982,559 awarded through Homeownership Initiatives Programs
- $1,568,577 was awarded through the Homeownership Opportunities
program to 160 households.
- $6,219,764 was awarded through the Neighborhood Impact program
to 690 households.
- $2,380,000 was awarded through the Special Purpose Credit
Program called HomeBoost: Minority Down Payment Assistance Program
to 159 households.
- $276.5 million in Community Investment Program advances and
letters of credit funding 11 total projects across the
district.
- Launch of the new Money Masters Scholarship Program, where the
Bank partners with select member institutions and community
organization sponsors to develop and deliver financial literacy
education to young adults, who then are eligible for scholarship
funds.
- Over $6.5 million spent with diverse vendors.
- In 2023, the Bank’s Vendor Management Office hosted the largest
Diverse Supplier Summit to date, with the participation of 10
FHLBanks (including the Office of Finance) and 20 diverse suppliers
from across the country.
- 1,520 hours spent volunteering by Bank employees supporting
over 40 different organizations.
To read the full report, go to
https://www.fhlbi.com/news/federal-home-loan-bank-indianapolis/fhlbank-indianapolis-releases-2023-impact-report-/?utm_source=globenewswire&utm_medium=newsrelease&utm_campaign=impact2023
More information: Contact FHLBank Indianapolis
Corporate Communications at corpcomm@fhlbi.com.
About Federal Home Loan Bank of Indianapolis: Building
Partnerships. Serving CommunitiesFHLBank 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.