(Chelsea Update would like to thank Chelsea State Bank for the information in this story.)
As a member of the Federal Home Loan Bank of Indianapolis (FHLBI), Chelsea State Bank, in partnership with Avalon Housing, and Faith In Action was awarded a $400,000 Affordable Housing Program (AHP) grant to help fund the Hilltop View Apartments project in Dexter.
“These are very competitive grants offered by the Federal Home Loan Bank of Indianapolis to member financial institutions,” said Chelsea State Bank CEO John Mann in a press release.
“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.”
In 2019, the FHLBI awarded nearly $15 million in affordable housing grants across the Midwest to help financial institutions partner with communities to support local housing needs. This year’s awards support the development of 1,344 affordable rental and ownership housing units in communities served by FHLBI members.
The $400,000 award granted to Chelsea State Bank and Avalon Housing will help Avalon build an apartment community on Dan Hoey Road just east of Baker Road. The development will include 24 units, 15 of which will be set aside for supportive housing. Most units will include two to three bedrooms, intended for families with children. Avalon Housing will develop the units and provide property management services in partnership with non-profit service provider, Faith in Action, which will provide resident services.
“Every year, we receive a wide variety of applications from our members and their partners in the communities they serve,” said Federal Home Loan Bank of Indianapolis Community Investment Officer MaryBeth Wott. “In 2019 more than 90 percent of the awarded developments have financial involvement from an FHLBI member. This highlights the value of the partnership between our member financial institutions and local non-profits and developers.”
Faith in Action’s Executive Director Shari Montoye added, “Non-profits like Avalon Housing and Faith in Action rely on strong partners to secure funding for important projects like affordable and supportive family housing within the local communities. We are grateful for the partnership of Chelsea State Bank as we work to make long-term sustainable community change.”
Mann said, “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 and Chelsea projects. Now we are extremely excited and proud to work with them in Dexter in partnership with Faith in Action.”