FHLBank Topeka's Commitment to Affordable Housing
FHLBank Topeka is celebrating a significant milestone by allocating over $31 million in affordable housing grants for 2024. The initiative aims to support communities through its Affordable Housing Program (AHP), partnering with member financial institutions to bring these projects to life.
Impact on Communities
These grants are vital as they will fund 26 different projects designed to assist very low-, low-, and moderate-income households. This funding promises homes for nearly 1,700 families, offering them a chance at stability and security.
Statements from Leadership
Jeff Kuzbel, the president and CEO of FHLBank, emphasized the importance of these grants by stating, "Providing these grants through our members each year is a cornerstone of our mission." The ongoing partnership with community builders showcases a commitment to fostering innovative solutions in housing.
Diverse and Meaningful Projects
This year's projects include a variety of developments aimed at addressing specific community needs, from housing for individuals transitioning out of homelessness to homes specifically for early childhood educators. These emerging communities are designed to promote growth and offer supportive resources.
Funding Mechanism of the AHP
FHLBank allocates 10% of its prior year's earnings to the AHP, allowing a wide array of organizations - from non-profits to local government agencies - to apply for necessary funds. The AHP funding has proven instrumental in attracting additional resources for various projects.
Highlighted Success Stories
One remarkable project benefitting from this funding is the City Lights Foundation in Oklahoma, which received a $1.5 million grant through Mabrey Bank. Sarah Grounds, the founder, expressed immense gratitude for the support, highlighting the community-focused approach that the funding allows.
Significant Funding Milestone
This year marks the 35th anniversary of the AHP, a time for reflection on the over $400 million allocated since its inception. This impactful funding creates affordable housing solutions and supports a wide range of community development initiatives.
Additional Funding Initiatives
FHLBank has also launched its Native American Housing Initiatives Grants Program, which saw $5.3 million distributed to improve housing and community infrastructure in Native American areas. Furthermore, FHLBank is increasing its contributions to affordable housing and community development by 50% by 2025.
FHLBank Topeka Overview
As one of the 11 Federal Home Loan Banks, FHLBank Topeka plays a crucial role in facilitating liquidity and funding necessary for vibrant community growth. With $79.2 billion in assets, it supports 665 member institutions across multiple states.
Contact Information
If you have further inquiries about the recent grants and programs, please contact:
Tamara Taylor, FVP, Director of Corporate Communications
Email: tamara.taylor@fhlbtopeka.com
Phone: 785.478.8157
Frequently Asked Questions
1. What is the purpose of the FHLBank Topeka grants?
The grants support affordable housing projects across various communities, benefiting low-income households.
2. How many projects are receiving funding this year?
This year, a total of 26 projects have been selected to receive funding through the Affordable Housing Program.
3. Who can apply for these grants?
Non-profit organizations, for-profit developers, and public agencies can apply for funding through FHLBank member institutions.
4. What is the total amount allocated for the 2024 grants?
The total amount allocated for the 2024 grants is $31.3 million.
5. What other initiatives does FHLBank support?
In addition to the AHP, FHLBank supports initiatives like the Native American Housing Initiatives Grants Program and the TurnKey program for first-time homebuyers.
