Grand Rapids, Mich.-based Independent Bank recently finished its second straight year of partnering with the Federal Home Loan Bank of Indianapolis to help with home renovations and modifications for moderate- and low-income homeowners in Wayne and Oakland counties.
Independent Bank was one of the member institutions that helped distribute $480,000 of the $7.4 million in funds by FHLBank Indianapolis for this year.
The $5.2 billion bank assisted 35 homeowners this year. Applicants could apply from May to September, and funds were available on a first-come-first-served basis. Applicants were not required to pay back any of the funds used for home renovations.
The projects took place through the Neighborhood Impact Program and included new gutters, downspouts, roofs, windows, siding, heating units and other work. Independent Bank worked with Good Measures, Inc., to accept and review applications and help complete home renovations.
The applicants were required to own a single-family home, condominium or modular unit and be paid as agreed on an existing property tax or mortgage obligation. Applicants were required to have a total household income at or below 80 percent of area median income.
“The vast improvement we have seen in our community members’ quality of life because of this program is phenomenal, and we are so proud to be a part of it,” said Independent Bank President and CEO Brad Kessel.