Federal Home Loan Bank of Indianapolis opens Disaster Relief Program in response to spring storms in Indiana and Michigan
July 31 2024 - 2:50PM
In response to recent emergency declarations in Indiana and
Michigan, the Federal Home Loan Bank of Indianapolis (“FHLBank
Indianapolis” or “Bank”) will open its Disaster Relief Program to
residents in affected counties across the two states. The program
assists with recovery efforts related to separate severe weather
events on March 14 and April 2 in Southern and Central Indiana as
well as a series of tornadoes that ripped through several counties
in southwestern Michigan on May 7.
Homeowners in Delaware, Jefferson, Posey and Randolph counties
in Indiana and Branch, Cass, Kalamazoo and St. Joseph counties in
Michigan may be eligible for grants of up to $15,000 per household
to assist with the costs of necessary repairs and rehabilitation
incurred by damage from the recent storms.
“Severe weather events, like the tornadoes and storms we’ve seen
across our district this year, can devastate communities without
notice,” said MaryBeth Wott, SVP Community Investment and Strategic
Planning Officer. “As an organization with a mission to provide
affordable housing and community economic development solutions
throughout Indiana and Michigan, the Bank is proud to offer tools
like the Disaster Relief Program to assist our members and their
communities with the recovery process.”
Federal relief denied in MichiganThe Bank’s
announcement comes days after FEMA announced that it had declined
Gov. Gretchen Whitmer’s petition for federal disaster relief to
affected counties in southwest Michigan. In a letter responding to
Whitmer’s request, FEMA Administrator Deanna Criswell outlined the
reasons for denying the petition, stating that damage from the
event was not “beyond the capabilities of state, affected local
governments and voluntary agencies,” The Detroit News reported.
Program eligibilityDisaster Relief Program
funds will be available to assist with the cost of necessary severe
weather-related repairs to eligible owner-occupied homes in the
following counties: Branch, Cass, Kalamazoo and St. Joseph counties
in Michigan, and Delaware, Jefferson, Posey and Randolph counties
in Indiana. Disaster Relief Program funds are intended to help
cover costs not otherwise paid for by insurance or state or federal
relief.
To access disaster relief funds, households must be at or below
100% of the local area median income, as defined by HUD, and must
partner with a participating FHLBank Indianapolis member financial
institution. For a full list of eligibility requirements, see the
Disaster Relief Program page on fhlbi.com.
A total of $250,000 in funds will be made available on a
first-come, first-served basis to participating member financial
institutions beginning Aug. 7, 2024. The program will run through
Dec. 31, 2024, or until funds are exhausted.
For more information on other assistance programs offered
through the Bank and its participating member financial
institutions, see the Community Programs page on fhlbi.com.
Media contact information:For more information,
contact Katherine Marshall, Corporate Communications Specialist, at
kmarshall@fhlbi.com.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5cc7d102-d76e-4878-aadb-d1268ac73981