First Internet Bank Partners With Habitat for Humanity to Fund Affordable Housing Loans

Rhea-AI Summary

First Internet Bank has launched a $16 million home loan purchase agreement with Greater Indy Habitat for Humanity to facilitate affordable housing in Indiana. This partnership aims to complete 100 homes across Marion, Hancock, Hendricks, and Hamilton counties from 2023 to 2025, addressing the housing crisis affecting local residents. With assets of $4.3 billion as of September 30, 2022, First Internet Bank continues to play a crucial role in promoting homeownership, demonstrating its commitment to community development and financial stability.

Positive

• Investment of $16 million to support homeownership initiatives.
• Plan to build 100 homes, addressing local affordable housing needs.
• Partnership demonstrates commitment to community development.

Negative

• None.

FISHERS, Ind.--(BUSINESS WIRE)-- As more Hoosiers struggle to find affordable housing, First Internet Bank and Greater Indy Habitat for Humanity announced an exclusive $16 million home loan purchase agreement to help the dream of homeownership become a reality. First Internet Bank and Greater Indy Habitat for Humanity commemorated the partnership today at a home build in metro Indianapolis.

In keeping with Habitat’s vision of building and improving homes to benefit local area individuals and families, the current plan calls for the completion of 100 homes in Marion, Hancock, Hendricks and Hamilton counties. The partnership begins in 2023 and will run through 2025. First Internet Bank will provide warehouse funding for the home loans.

“The heartbeat of our mission is ‘bringing people together’ to build homes, communities and hope,” said Jim Morris, President and CEO of Greater Indy Habitat for Humanity. “First Internet Bank has responded to this call by participating at an unprecedented level. They have been a partner in our mission to provide affordable homeownership to first-time buyers since 2015.”

“With increasing housing production costs and sales prices, a large portion of the workforce will not have access to homeownership,” Morris noted. “First Internet Bank continues to support our efforts with the largest partnership funding in our 35 years - a three-year, $16 million investment starting in 2023. They are also participating in a home build for a local family. We are humbled by the company’s recognition of the need and joining us to meet the demand.”

“Homeownership is a vital factor for the stability of not only families but entire communities,” said David Becker, Chairman and Chief Executive Officer at First Internet Bank. “The scarcity of affordable housing only makes the issue more acute. By joining forces with Habitat for Humanity, we can serve our neighbors while creating a path to long-term financial growth and independence.”

For more information about Greater Indy Habitat for Humanity, visit indyhabitat.org. For more information about First Internet Bank, visit firstib.com.

About First Internet Bank

With assets of $4.3 billion as of September 30, 2022, the Bank provides consumer and small business deposits, SBA financing, consumer loans, residential mortgages and specialty finance services nationally. The Bank also offers commercial real estate loans, commercial and industrial loans and treasury management services. Additional information about the Bank, including its products and services, is available at www.firstib.com. The Bank is a wholly owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221026005760/en/

First Internet Bank Contacts

Investors/Analysts

Paula Deemer

Director of Corporate Administration

(317) 428-4628

investors@firstib.com

Media

BLASTmedia for First Internet Bank

Ryan Hecker

firstib@blastmedia.com

Source: First Internet Bank

FAQ

What is the purpose of the $16 million agreement between First Internet Bank and Greater Indy Habitat for Humanity?

The $16 million agreement aims to help facilitate affordable housing by funding home loans for 100 homes in Indiana.

How long will the partnership between First Internet Bank and Greater Indy Habitat for Humanity last?

The partnership will run from 2023 to 2025.

What areas will benefit from the home loan purchase agreement?

The agreement will benefit Marion, Hancock, Hendricks, and Hamilton counties in Indiana.

What is First Internet Bank's asset size as of September 30, 2022?

First Internet Bank has assets totaling $4.3 billion as of September 30, 2022.

What are the implications of the partnership for First Internet Bank's community involvement?

The partnership signifies First Internet Bank's strong commitment to community development and affordable homeownership.