Independent Bank recently wrapped up the second consecutive year of a successful partnership with Federal Home Loan Bank of Indianapolis (FHLBI) in assisting with home renovations and modifications for low- to moderate-income homeowners in Oakland and Wayne counties through the Neighborhood Impact Program (NIP).
Independent Bank was one of the participating member institutions that helped to distribute $480,000 of the $7.4 million in allotted funds by FHL Bank Indianapolis for 2024. Qualified homeowners could apply from May-September, and funds were available on a first-come-first-served basis. Independent Bank assisted 35 homeowners this year. Applicants were not required to repay any of the funds used for home renovations.
This year, Independent Bank worked alongside Good Measures, Inc. to accept and review applications as well as facilitate the completion of any necessary home renovations. To qualify for funding, applicants must have owned a single-family home, condominium, or modular unit and be paid as agreed on any existing mortgage or property tax obligation. The applicant must have also had a total household income at or below 80% of Area Median Income. Projects that qualified under the program included new roofs, gutters, downspouts, windows, siding, heating units, walk-in tubs/showers, ramps, chairlifts, and universal flooring.
“Independent Bank was honored to once again partner with FHL Bank Indianapolis on the Neighborhood Impact Program this year,” said Brad Kessel, Independent Bank President and CEO. “The vast improvement we have seen in our community members’ quality of life because of this program is phenomenal, and we are so proud to be a part of it.”
Equal Housing Lender