German American Bank, a member of the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis), awarded CDFI Friendly Bloomington, Inc. $18,750 in grant funds through the Community Multiplier – Member Match Program.
The $18,750 grant will support CDFI Friendly Bloomington’s efforts to expand access to affordable housing throughout Bloomington and the Indiana Uplands. Funding will help the organization provide nonprofit and emerging housing developers with technical assistance and access to financing needed to move affordable housing projects forward.
CDFI Friendly Bloomington works to strengthen communities and improve economic opportunities for lower-income residents by connecting community development projects with accessible, flexible financing. Through partnerships with Community Development Financial Institutions (CDFIs), the organization has helped create or preserve 424 units of affordable housing and has provided more than 700 hours of technical assistance over the last three years.
Currently, CDFI Friendly Bloomington has eight housing projects in its pipeline that seek to assist six developers in preserving or creating approximately 160 units of subsidized or naturally affordable housing over the next year. The organization provides developers with guidance throughout the affordable housing development process, assistance with project budgets and connections to nontraditional financing resources that can help complete project capital stacks.
“Community development financial institutions (CDFIs) like ours stand ready to assist in unlocking financing for affordable housing, small business and childcare projects across our 13-county region,” said John Zody, Executive Director of CDFI Friendly Bloomington, Inc. “Community development cannot happen without great organizations around the table, and we are proud to have German American Bank as a partner in these efforts.”
Since its founding, CDFI Friendly Bloomington has provided $1.13 million in financing for affordable housing, alongside more than $29 million in financing from CDFI partners in the region. The organization was established to help address gaps in access to financing for community development projects in Bloomington, Monroe County and the surrounding region.
The Community Multiplier – Member Match Program is an FHLBank Indianapolis program designed to support targeted affordable housing initiatives that fall outside of its other grant programs. Community Multiplier offers grants for nonprofit organizations headquartered in Indiana or Michigan that partner with an FHLBank Indianapolis member financial institution on targeted affordable housing initiatives.
Share
Copy
Email
App Store
