Lake City Bank is pleased to announce the recent closing of a $1.2 million loan to the Indianapolis Neighborhood Housing Partnership, a certified Community Development Financial Institution (CDFI) dedicated to providing affordable housing and economic development in underserved Indianapolis neighborhoods.
The loan was made possible through the Federal Home Loan Bank of Indianapolis’ CDFI Rate Buydown Advance program. This innovative program enables member banks to provide low-cost funding to non-depository CDFIs by utilizing grant funds to reduce interest rates. Under this initiative, Lake City Bank was able to offer the Indianapolis Neighborhood Housing Partnership a 10-year term loan at an exceptionally low interest rate.
“This program is another step in our mission to provide banking services to underserved communities in our Indiana footprint. It represents an important building block in this mission and we are proud to support the Indianapolis Neighborhood Housing Partnership’s mission to help make home ownership a reality for Marion County residents who are struggling in the current housing market,” said David M. Findlay, Chairman and Chief Executive Officer. “We appreciate the Federal Home Loan Bank of Indianapolis for fostering such an impactful partnership.”
Funds from Lake City Bank and other financial partners will support existing Indianapolis Neighborhood Housing Partnership strategies, including down payment assistance, affordable home repair loans, community lending and affordable housing development.
“This extraordinary effort between the Indianapolis Neighborhood Housing Partnership and generous local and national financial partners is as significant as it is timely,” said Gina Miller, President and Chief Executive Officer at the Indianapolis Neighborhood Housing Partnership. “These funds will greatly fulfill the need for more affordable housing options in Indianapolis, while providing our neighborhoods with the tools they need to grow and thrive. At a time when affordable housing is in a nationwide crisis, the Indianapolis Neighborhood Housing Partnership and these committed partners are developing real affordable housing solutions to benefit hundreds of Marion County residents.”
Lake City Bank, a $6.9 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN).
About the Indianapolis Neighborhood Housing Partnership
The Indianapolis Neighborhood Housing Partnership creates affordable housing solutions for people with low and moderate incomes, and collaborates to enhance quality of life in Indianapolis neighborhoods. The Indianapolis Neighborhood Housing Partnership supports people by providing homebuyer and financial education, one-on-one homeownership advising, home purchase and home repair lending, and housing stability programming for renters participating in economic mobility initiatives. As a Community Development Financial Institution (CDFI), the Indianapolis Neighborhood Housing Partnership also supports the creation or preservation of affordable housing through investments in affordable housing development, land banking, community lending and grantmaking. For more information, visit INHP.org.
About Federal Home Loan Bank of Indianapolis
The Federal Home Loan Bank of Indianapolis is a regional bank included in the Federal Home Loan Bank System. Federal Home Loan Banks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. Federal Home Loan Banks are privately capitalized and funded and receive no Congressional appropriations. The Federal Home Loan Bank of Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about the Federal Home Loan Bank of Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and X (formerly known as Twitter) at @FHLBankIndy.
