FHLBank Indianapolis is a regional cooperative bank within the Federal Home Loan Bank System, founded in 1932 and serving Indiana and Michigan. It operates as a bank for banks: it supplies liquidity to member financial institutions - banks, credit unions, community development financial institutions and insurance companies - so that they can extend mortgage lending and finance community development. The Federal Home Loan Bank System comprises 11 regional banks; FHLBank Indianapolis is one of them, and the institution is privately owned by its member institutions rather than by outside shareholders.
Its principal activity is member liquidity provision - reliable, readily available funding that member institutions draw on to support lending. Alongside this, FHLBank Indianapolis runs several housing and community programmes. Affordable housing grant funding has been offered since 1990 and has reached nearly $400m in that time, supporting construction of affordable housing and related community development initiatives. Homeownership initiatives help households become first-time buyers and pay for home modifications and repairs, while the Elevate Small Business Grant supports the growth of local businesses.
Over the past decade the affordable housing programmes have funded nearly 300 projects and more than 11,000 units. The homeownership initiatives have assisted more than 2,500 first-time homeowners and covered modifications and repairs on over 5,000 homes, and the Elevate Small Business Grant has supported more than 100 local businesses.
The organisation describes itself as mission-driven, with a focus on affordable housing, economic development and community investment, and with a cooperative structure dating back to 1932. Its work sits at the intersection of housing finance, mortgage lending, affordable housing and community and small business development.
