Independent Bank is partnering with Federal Home Loan Bank of Indianapolis (FHLBI) for the second consecutive year to assist in home renovations and modifications for low- to moderate-income homeowners in Oakland and Wayne counties through the Neighborhood Impact Program (NIP).
Independent Bank is one of the participating member institutions helping to distribute $7.4 million in allotted funds by FHL Bank Indianapolis for 2024. Qualified homeowners could apply for funding beginning on May 15, 2024, and funds are available on a first-come-first-served basis. Applicants are not required to repay any of the funds used for home renovations.
This year, Independent Bank is working 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 own a single-family home, condominium, or modular unit and be paid as agreed on any existing mortgage or property tax obligation. The applicant must also have a total household income at or below 80% of Area Median Income. Projects that would qualify under the programs include new roofs, gutters, downspouts, windows, siding, heating units, walk-in tubs/showers, ramps, chairlifts, and universal flooring.
“Independent Bank is excited to once again partner with FHL Bank Indianapolis and participate as a member institution to help distribute funds for much-needed home improvements and modifications this year,” said Brad Kessel, Independent Bank President and CEO. “The availability of these programs is such an asset to our communities, and we are honored to be a part of it.”