Federal Home Loan Bank touts funding increases in 2023
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The Federal Home Loan Bank of Indianapolis increased its support of affordable housing initiatives to 15% of net earnings in 2023, 5% above the government-required contribution of 10%, the lender said in its annual Impact Report.
Initiatives such as affordable housing projects, down-payment assistance and home-improvement funds amounted to more than $31 million, the bank said. The additional funding over 2022 levels resulted in 10 more housing program projects and 130 additional households assisted with buying a home or making improvements or accessibility modifications.
“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 in a news release.
Highlights include more than $17 million awarded through the bank’s affordable housing program that helped build or preserve 1,371 affordable housing units in Indiana and Michigan; more than $11 million awarded toward home ownership support and down-payment assistance to more than 1,000 households; and $276.5 million in community investment lending.
The bank in 2023 also launched a scholarship program in which it partnered with community organizations to teach financial literacy to young adults who then become eligible for scholarship funds.
FHLBank Indianapolis is one of 11 regional banks that make up the Federal Home Loan Bank System, a government-sponsored enterprise owned by member financial institutions to provide low-cost funding. FHLBank Indianapolis serves Indiana and Michigan.