Merchants Helps Secure $200K in Housing Grants for Nonprofits

Carmel-based Merchants Bank collaborated with three nonprofit organizations – RDOOR Housing Corporation, Coburn Place, and HAND Inc. – securing a total of $200,000 in funding for them through the Community Multiplier – Match Program with FHLBank Indianapolis.

Merchants worked with each nonprofit through the application process for FHLBI’s newest program, which was designed to provide support to affordable housing initiatives that fall outside of eligibility for other FHLBI grants.

This funding will go directly toward affordable housing initiatives for low-income and at-risk individuals in the Indianapolis and surrounding area — supporting everything from homelessness prevention to survivor housing and suburban rental development. As an active FHLBI member, Merchants Bank provided matching funds to unlock this vital support for organizations working on the front lines of housing insecurity.

Why it matters:

• The program opened in March and all $5M in funds were claimed within weeks.
• Merchants was instrumental in guiding these nonprofits through the competitive application process.
• These funds help expand initiatives like RDOOR’s HomeNow Indy, which connects people experiencing homelessness with permanent housing solutions.

The Community Multiplier – Member Match program is FHLBI’s newest program offering, designed to support targeted affordable housing initiatives that fall outside of FHLBI’s other grant programs. Community Multiplier offers grants between $25,000 and $125,000 for non-profit organizations headquartered in Indiana or Michigan who partner with an FHLBI member financial institution on targeted affordable housing initiatives. With a 10% matching funds commitment from the member financial institution, FHLBI has allocated $5 million in total grant proceeds. The program opened March 27, 2025, and all funds have been exhausted.

“We are thrilled to secure funding for these local housing nonprofits and uplift their missions in creating affordable housing opportunities for individuals in need,” said Mike Dunlap, President and CEO of Merchants Bank. “These organizations hold deep significance to our team at Merchants Bank, and we are honored to continue their work as they provide meaningful solutions to those experiencing housing challenges.”

One grant recipient is Hamilton County Area Neighborhood Development, Inc. (HAND) is a nonprofit organization based in Noblesville, Indiana, dedicated to expanding affordable housing options in the northern suburbs of Indianapolis. The organization develops and manages affordable rental properties, assists residents in obtaining homeownership, and advocates for housing options where everyone can thrive, owning more than 150 affordable housing units across Hamilton, Boone, and Tipton counties.

“The Community Multiplier and Member matching funds will provide critical resources to expand the reach of HomeNow Indy which is a coordinated, system-wide approach for connecting individuals and families experiencing homelessness with rental assistance and services that will help them find housing and stay housed long-term,” said Lauren Rodriguez, President and CEO of RDOOR.  “With our community facing increased homelessness due to availability of affordable housing, these funds will extend our ability to serve clients and improve their housing stability.”

RDOOR Housing Corporation, located in downtown Indianapolis, a nonprofit organization dedicated to developing and preserving affordable, multifamily housing for Hoosiers. RDOOR serves low- and moderate-income individuals, families, seniors, and other at-risk populations by providing safe, quality housing options and focuses on creating stable, vibrant, and healthy communities. 

Coburn Place is a greater Indianapolis nonprofit dedicated to providing ongoing support and secure housing to survivors of domestic violence and those battling homelessness. Founded in 1996, Coburn Place directly connects community members and their children with safe housing first while also offering both parents and children healing services aimed at ending the cycle of abuse and restoring hope. 

To learn more about Merchants Bank, visit www.bankmerchants.com or find Merchants Bank on Facebook, LinkedIn, X, and Instagram.