Indianapolis, Indiana – In a collaborative effort to strengthen communities and support future homeowners, Indiana Members Credit Union (IMCU), Central Indiana’s largest credit union, has awarded $154,000 in grant funding to three local nonprofit organizations. The funding was made possible through the Community Multiplier – Member Match program, a new initiative by the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis).
During the IMCU board of directors meeting on April 29, representatives from IMCU presented checks to Helping Veterans and Families (HVAF) of Indiana Inc., the Chin Community of Indiana (CCI), and the Burmese American Community Institute (BACI). Each organization will use the grant money to enhance its programming in areas such as career development, education, and supportive services for individuals and families preparing to become homeowners.
“We are proud to partner with these nonprofit organizations and support their career and educational assistance programs for homeowners,” said John Newett, president and chief executive officer of IMCU. “These programs will play a pivotal role in empowering prospective homeowners by providing them with the necessary resources and knowledge to achieve their homeownership dreams. We believe that by investing in these programs, we are not only helping individuals and families but also fostering a stronger, more vibrant community for everyone.”
The Community Multiplier – Member Match program is FHLBank Indianapolis’ latest effort to address the growing need for affordable housing across Indiana and Michigan. It’s designed to fund initiatives that might not qualify under other existing FHLBank programs. Nonprofit organizations headquartered in either state are eligible to apply if they partner with an FHLBank Indianapolis member financial institution, like IMCU.
The grant awards range from $25,000 to $125,000, with the additional requirement that the financial institution provide a 10% match to the amount being granted. This model helps ensure that community-focused financial institutions like IMCU are invested in the projects they support.
The program officially launched on March 27, 2025, with a $5 million allocation and will remain open until October 1, 2025, or until all funds have been awarded. By offering a flexible and accessible funding stream, the initiative encourages nonprofits to develop and scale programs that assist individuals in overcoming financial and logistical barriers to homeownership.
For HVAF of Indiana Inc., the funding will contribute to continued support for veterans as they transition to stable housing and employment. The Chin Community of Indiana and the Burmese American Community Institute will use their grants to assist members of the immigrant and refugee populations in Central Indiana with skills training, educational support, and guidance on becoming homeowners.
Through this collaborative approach, IMCU and FHLBank Indianapolis are not only delivering essential resources but also signaling a long-term commitment to uplifting underserved communities. The impact of these grants is expected to reach far beyond housing, affecting employment, education, and quality of life for hundreds of local residents.
As communities across Indiana continue to confront challenges related to housing affordability, initiatives like the Community Multiplier – Member Match program are creating meaningful pathways to homeownership. By investing in both people and programs, IMCU and its nonprofit partners are helping to build a foundation of stability and opportunity for years to come.
