Old National Bancorp : Provides 0% Interest Loan for Indianapolis Neighborhood Housing Partnership to Support Affordable Access to Capital

Published: 2025-05-07 10:59:08 ET ONB

Published on 05/07/2025 at 10:59

EVANSVILLE, IND. (NASDAQ: ONB)- Old National Bancorp ("Old National"), in partnership with the Federal Home Loan Bank of Indianapolis (FHLBI), has provided a $1.2 million 0% interest loan to the Indianapolis Neighborhood Housing Partnership, Inc. (INHP). This was made possible through Old National's participation in the FHLBI's CDFI Rate Buydown Advance program.

INHP's mission is to create affordable housing solutions for people with low and moderate incomes, and to collaborate to enhance the quality of life in Indianapolis neighborhoods.

"Old National is proud to support this public-private initiative to attract investment into low-income communities that we serve in Indianapolis," said Old National Chief Impact Officer and Indianapolis Market President Rafael Sanchez. "This relationship ensures that important investment decisions are made by local organizations that know their communities best."

Community Development Financial Institutions such as the INHP are lenders with a mission to provide fair, responsible financing to rural, urban, Native, and other communities that mainstream finance doesn't traditionally reach. The CDFI Rate Buydown Advance program is creating a new lending pipeline to address the housing and community development needs of Michigan and Indiana.

"Old National Bank has been a tremendous partner to INHP and our consumers," says INHP President Gina Miller. "This unique opportunity to access capital through the Federal Home Loan Bank of Indianapolis CDFI Rate Buydown Program is yet another way ONB's partnership will provide much-needed capital to grow INHP's mortgage lending, commercial lending and single-family home development solutions in service to families and neighborhoods."

The FHLBI launched the CDFI (Community Development Financial Institution) Rate Buydown Advance program in 2024 with a $5 million allocation. CDFI Rate Buydown Advances allow non-depository CDFI member institutions to borrow directly from the bank while also encouraging other member financial institutions to lend to non-depository CDFIs, regardless of bank membership.

"We were excited to partner with long-standing member, Old National Bank, to assist them in supporting INHP and affordable housing initiatives in the state of Indiana," says M. Todd Hargreaves, FHLBank Indianapolis Managing Director, Business Development.

The Federal Home Loan Bank (FHLB) was created by Congress in response to the Great Depression. While not a direct lender, the FHLB is an $800 billion system that provides lendable funds to other financial institutions, with 11 regional locations across the country. As access to low-cost capital remains vital for CDFIs to continue lending in underserved markets, the CDFI Rate Buydown Advance program is building partnerships to further assist CDFIs with additional access to low-cost capital. Mission-driven organizations are encouraged to apply for CDFI Certification and participate in CDFI Fund programs that inject new sources of capital into neighborhoods that lack access to financing.

For more information on FHL Banks and community financing, go to fhlbanks.com. To learn more about how Old National supports the communities it serves, go to oldnational.com/about-us/community.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $70 billion of assets and $37 billion of assets under management (including Bremer Financial Corporation on a pro forma basis as of March 31, 2025), Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" -- an honor reserved for the 50 most community-minded companies in the United States.

###

Disclaimer

Old National Bancorp published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 14:58 UTC.