Detroit, Michigan – The Federal Home Loan Bank of Indianapolis has announced a big boost for efforts to make housing more affordable in the Midwest. It has approved $34.1 million in grant money under its Affordable Housing Program for 2025. The money will go to 43 projects in Michigan and Indiana. The City of Detroit will get more than $4.6 million to build and fix up affordable houses. This year’s amount is barely short of the Bank’s all-time high of $34.6 million in 2024, which shows how important and urgent it is to invest in housing stability for low-income residents.
The AHP initiative is meant to fill in the financial gaps that sometimes make it hard to build affordable homes. The initiative will pay for projects that focus on buying, building, and fixing up homes for people and families with very low, low, or moderate incomes. FHLBank Indianapolis member institutions work with non-profits and developers to apply for help. Each proposal can get up to $1 million.
Detroit’s part of the funds is likely to be very important in increasing the number of affordable homes in the city, especially as development pressures continue to change the communities in the city. The details of each project are different, but they all have an effect on the whole region. They include new building, keeping existing homes in good shape, and making it easier for people to buy homes. Only three of the 43 authorized projects are focused on ownership models. This shows that the focus remains on providing rental housing for people who need it the most…