As a member of the Federal Home Loan Bank of Indianapolis (FHLBI), Chelsea State Bank, in partnership with Avalon Housing, was awarded two grants totaling $868,720 to help fund Affordable Housing Program (AHP) projects in Ann Arbor and Chelsea, Mich.
“These are very competitive grants offered by the Federal Home Loan Bank of Indianapolis to member financial institutions,” said Chelsea State Bank President and CEO John Mann. “We were honored to receive these grants as they support important housing initiatives for individuals and families whose incomes are 50 percent or less of the area median.”
The FHLBI awarded nearly $10 million in affordable housing grants across Michigan and Indiana to help financial institutions partner with communities to support local housing needs. This year’s awards support the development of 645 units of affordable rental and ownership housing in communities served by FHLBI members.
“FHLBI is committed to making homeownership and affordable housing solutions available to more people,” said Cindy Konich, President and CEO of FHLBI. “One of the many ways we do that each year is to partner with our members through these AHP grants.”
One of the awards granted to Chelsea State Bank and Avalon Housing in the amount of $368,720 allows Avalon to acquire and rehabilitate two adjacent triplexes on Gott Street in Ann Arbor’s west side, into six units of very low-income housing, set aside for families earning below 50 percent Area Median Income. In addition, three units are reserved for households that also have special needs.
The other award granted to Chelsea State Bank and Avalon Housing for $500,000 will help Avalon to acquire and rehabilitate an existing 2-½ story walk- up apartment building on Main Street in downtown Chelsea. The low-income housing project will include 17 units, five of which will be set aside for special needs populations. Avalon Housing, in partnership with non-profit service provider, Faith in Action, will provide support services and empowerment activities to the residents in this apartment building.
“Thank you to our membership for partnering to bring so many worthy projects to the forefront,” said MaryBeth Wott, FHLBI’s First Vice President, Community Investment Officer. “Together, we’re creating opportunities to meet a wide array of affordable housing needs, including the homeless, low-income families, persons with disabilities, veterans, seniors, those in recovery, and victims of domestic violence.”
Mann concluded, “This is what community banking is all about…taking care of the individuals, families and businesses in our communities. We've partnered with Avalon on several worthy Ann Arbor projects. Now we are extremely excited and proud to work with them in Chelsea in partnership with Faith in Action.”
This post was generated from a press release submitted by Chelsea State Bank.