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Lafayette Savings Bank assists local organizations with
Federal Home Loan Bank funding.

Lafayette, IN. – July 19, 2010 – Randolph F. Williams, President/CEO, is pleased to announce that Lafayette Savings Bank has assisted with over $85,000 in Federal Home Loan Bank grants to seven Habitat for Humanity of Lafayette families and 13 households with Neighborhood Impact Program (NIP) funds.  This funding, assisted through Lafayette Savings Bank, is supporting families throughout Greater Lafayette with much needed dollars to purchase homes and improve their current homes which positively affects the overall housing market in our community.

The grants for the Habitat for Humanity of Lafayette families awarded seven, $5,000 grants to assist those families with down payment/closing cost assistance through the Howeownership Opportunities Program (HOP) to gain access to their new homes that Habitat has built.  The 13 families receiving NIP funds are in conjunction with Tippecanoe County Council on Aging SHARP (Senior Housing Assistance Program) program that assisted families with repairs to their homes for new roofs, windows, etc.

The funds are awarded from the Federal Home Loan Bank of Indianapolis (FHLBI).  Grants totaling $5.9 million are available from the FHLBI’s Affordable Housing Program (AHP) and its member institutions, which Lafayette Savings Bank is a proud affiliate.  

Nonprofit groups, for-profit developers, and public entities partner with an FHLBI member institutions can apply for the competitive AHP grants. Member institutions then disseminate the dollars to the organizations and developers to create affordable housing throughout Michigan and Indiana. Locally, funds can be granted through Habitat for Humanity, the SHARP program and also Homestead Consulting Services.

“The 2010 awards reflect a good balance of project types ranging from preservation of existing affordable housing to new construction,” states Milton J. Miller, President & CEO of the FHLB of Indianapolis.  Federal stimulus funds, such as the Neighborhood Stabilization Program (NSP), 1602 Exchange, and TCAP, will leverage the AHP funding along with conventional sources, such as Low Income Housing Tax Credits, HOME, and Community Development Block Grants, to create these units.

• Significant rehabilitation of existing affordable rental housing
• New construction of housing for seniors
• Permanent supportive housing for residents with physical or developmental disabilities
• Habitat for Humanity homes, including new construction and rehabilitation
• Transitional housing for women and children with supportive services to attack the root causes of homelessness
• Transformation of a vacant apartment building to accommodate homeless individuals and families exiting transitional recovery programs
• Scattered site rental housing with units reserved for youth aging out of foster care

A complete list of awards and descriptions is posted at www.fhlbi.com/housing/ahpaward.asp

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