The American dream of home ownership may have just grown one step closer for customers of Horizon Bank in Michigan's Great Southwest and Northwest Indiana thanks to a new partnership stretching southward to Indianapolis.
Horizon Bank announced Thursday a partnership with the Federal Home Loan Bank of Indianapolis, which offers affordable housing initiatives. The Homeownership Opportunities Program (HOP), the Neighborhood Impact Program (NIP), and the Accessibility Modifications Program (AMP) are all designed to provide affordable housing, home repairs and modifications as well as accessibility modifications.
Bank leaders say that Horizon is making a difference in the communities it serves, and to date has approved HOP grants in the amount of $80,000, NIP grants totaling $74,912 and AMP grants for $14,322 for several families in Indiana and Michigan.
Yolanda Davis is Vice President and Community Reinvestment Act Officer at Horizon Bank. She says, “It has been exciting for Horizon to partner with the Federal Home Loan Bank of Indianapolis to provide grants to new homeowners and to assist with rehabilitation and accessibility to homes for individuals in the communities in which we serve.”
The Homeownership Opportunities Program (HOP) is part of the FHLBI Homeownership Initiatives Programs allocation. HOP helps first-time home-buyers at or below 80-percent of area median income with down payment and closing costs and improves their eligibility for mortgage financing.
Through the Neighborhood Impact Program (NIP), Federal Home Loan Bank of Indianapolis (FHLBI) members can assist homeowners with repairs including new windows, furnaces, roofs, siding and other deferred maintenance types of repairs with NIP grants of up to $7,500.
The Accessibility Modifications Program (AMP) provides up to $15,000 in grant funding for accessibility modifications for eligible senior homeowners and owner-occupied households with a person or persons with a permanent disability. Eligible modifications include items such as ramps, grab bars, roll-in showers and widened doorways.
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern and Central Indiana and Southwest and Central Michigan with multiple branch options in Michigan's Great Southwest. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.