Michigan projects receive $17.7M in grants in record-setting year for affordable housing program
“The applications we received this year were impressive in both number and quality, which speaks to the need for continued investment across the state,” says MaryBeth Wott, SVP Community Investment and Strategic Planning Officer.
What’s happening: It’s been a banner year for the Federal Home Loan Bank of Indianapolis and its Affordable Housing Program – and especially here in Michigan. The Bank has set a single-year record for affordable housing project funding in Michigan, with many of the developments planned in the state’s more rural communities.
What it is: The 2024 Affordable Housing Program has awarded $17.7 million grants to affordable housing developments in Michigan this year, the Bank recently announced. That should result in the development of a planned 1,017 affordable housing units across the state.
Why it’s important: “Through our Affordable Housing Program, the Bank is thrilled to support the development of an additional 1,017 units of affordable housing that will house and help stabilize low-income households across Michigan,” says MaryBeth Wott, SVP Community Investment and Strategic Planning Officer. “The applications we received this year were impressive in both number and quality, which speaks to the need for continued investment across the state.”
Where it’s going: While a complete list of funded projects is available online, development highlights throughout rural Michigan include the Building Foundations, Building Hope development in Lowell, which will add 13 affordable housing units to the community; the East Bay Flats development in Traverse City (64 affordable housing units); the Flats on Bridge development in Elk Rapids (24 affordable housing units); and Nisbett-Fairman Residences in Big Rapids (43 affordable housing units).
What they’re saying: “For several decades, FHLBank Indianapolis has been on a mission to support community lending and affordable housing development across our district of Michigan and Indiana, and 2024 has been an incredible year on that front,” says FHLBank Indianapolis President and CEO Cindy Konich. “In partnership with our members, we’re proud to support our district’s communities with record investments in those sectors. Community solutions, community driven. That’s FHLBank Indianapolis.”
Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.
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