Member institutions have disbursed over $5 million through the Bank's special Disaster Relief Grant Program. Over 630 grants were provided to assist families and communities in their recovery efforts from the devastating damage of Hurricanes Katrina and Rita.
The Federal Home Loan Bank of Indianapolis furthered our members' outreach by contributing $35,000 in grant money.
Special Disaster Relief Grant Program
The Disaster Relief Grant Program is designed to address the housing and community investment needs of communities in Louisiana , Mississippi and Texas affected by Hurricane Katrina and Hurricane Rita. The grants were also used to support hurricane-displaced residents in other locations within the Bank's five-state District.
The program has three components that focus on housing, economic development and Community-Based Organizations. Applications for all three were processed on a first-come, first-served basis until all funds were exhausted.
About the Housing Disaster Relief Grant Program (HDRG):
• Provides funding assistance to replace owner-occupied and multi-family affordable housing in officially declared disaster areas in the Ninth District for income-qualified individuals/households up to 120% of AMI. This includes projects that provide housing for evacuees that have relocated to other cities within the District.
• For owner-occupied housing, the maximum grant is $7,000 for households at or below 80% of the AMI. The maximum grant for households above 80% and up to 120% of the AMI is $5,000.
• All member institutions eligible to obtain advances through the Bank may apply.
• For rental projects, the maximum grant is $50,000.
• The cumulative grant total per member is $250,000.
About the Economic Development Disaster Relief Grant Program (EDRG):
• Provides working capital to small businesses in officially declared disaster areas in the Ninth District to promote economic development, and create or retain jobs.
• Small businesses must create/retain jobs for individuals at or below 120% AMI.
• All member institutions eligible to obtain advances through the Bank may apply.
• Member institutions may apply for a maximum of $100,000 in EDRG funds; up to $20,000 may be granted to any one small business.
About the Disaster Relief Partnership Grant (DRPG):
• Provides working capital to Community-Based Organizations in officially declared disaster areas in the Ninth District involved in affordable housing programs, local community development funds, and small business technical assistance programs.
• All member institutions eligible to obtain advances through the Bank may apply.
• The maximum grant for a Community-Based Organization is $5,000.
• The cumulative grant total per member is $20,000.
To supplement these new programs, the Bank has also made additional funding available for its existing EDP Plus Program . EDP Plus grants assist small businesses by providing working capital for start-up or business expansion, purchase of equipment or materials and construction, and are used in conjunction with Economic Development Program (EDP) at-cost advances.
Special Disaster Relief Advance Program
The program makes subsidized advances available to help individuals and families whose homes or businesses were damaged or destroyed.
About the Special Disaster Relief Advance Program:
• Funds are priced 10 basis points below the bank's regular at-cost rate for its Economic and Community Development Programs.
• Income eligibility limits have been expanded to 165% of the area median income.
• Terms from overnight to 30 years are available.
• Member institutions must be located or have branch offices in the officially designated Disaster Areas.
A listing of the qualifying incomes is shown below and rate information is available in the Interest Rate section ( http://www.fhlb.com/rates.html#Rates ) of this website. For additional information, call the Community Investment Department at 800.362.2944.
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