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

The complete list of 2025 Affordable Housing Program awards can 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.