The Farmers Bank is pleased to announce that One80 Recovery Resources, Inc. has received $500,000 from the Federal Home Loan Bank of Indianapolis’ (FHLBI) Affordable Housing Program (AHP). The project will create 16 affordable housing units on County Road 200 West near Frankfort’s industrial park.
One80 Executive Director Paul Fry says “in recent years the opioid epidemic has created the need for projects like One80. The project will be a 16-bed in-patient residential recovery facility for men seeking recovery from addictions.” The ground breaking for the One80 facility should happen by August of this year with completion in the first quarter of 2021.
To obtain the AHP grant from the FHLBI, One80 partnered with The Farmers Bank, a member institution of FHLBI, to submit an application. Susan Ruch, Small Business Lender, at The Farmers Bank worked closely with One80 to complete the application. The application was evaluated on a competitive basis according to established criteria before qualifying for the award. “This grant will help One80 provide life-changing services that will strengthen local families and provide treatment opportunities for those seeking recovery from addiction. I strongly believe One80 will make a positive impact on fighting the opioid crisis in Clinton and surrounding counties. The Farmers Bank is proud to be a small part of this vital effort through its membership with FHLBI.” said Karen F. Gregerson, President and CEO.
“The FHLBI is proud to announce an AHP award to One80 Recovery Resources, Inc. Projects like this demonstrate how communities’ benefit from partnerships between the FHLBI’s member institutions, non-profits, and organizations. We appreciate the opportunity to partner with our member institution, The Farmers Bank and jointly serve its community,” said MaryBeth Wott, FHLBI’s SVP and Community Investment Officer.
The Farmers Bank is a $620 million asset organization chartered in 1876 with headquarters in Frankfort, IN. The Farmers Bank is locally owned and operated with 10 banking offices located in Central Indiana providing retail, business, trust & asset management, investment, mortgage, and electronic banking services. Additional information can be found at www.thefarmersbank.com. Member FDIC, Equal Housing Lender.
The Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) is one of 11 regional banks that make up the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks. For more information about the FHLBank Indianapolis, visit www.fhlbi.com.