Horizon Bank has partnered with Artspace, a leader in artist-led community transformation, to renovate Michigan City’s historic Warren Building. The five-story building will be re-developed and re-named as “Uptown Artist Lofts.” The updated space will feature retail and classroom areas, artist studios, and three floors of apartments for low-income residents, catered toward attracting local artists.
“The Federal Home Loan Bank of Indianapolis is proud to announce an Affordable Housing Program award to Artspace. Projects like this demonstrate how communicates benefit from partnerships between the FHLBI’s member institutions, non-profits and organizations. We appreciate the opportunity to partner with our member institution, Horizon Bank, and jointly serve its community.” said MaryBeth Wott, FHLBI’s First Vice President and Community Investment Officer.
Artspace is heading up the renovations, with funding provided in part through a $500,000 grant from the Federal Home Loan Bank of Indianapolis. The team at Horizon Bank will offer funding oversight.
According to Thomas Edwards, President and Senior Credit Officer at Horizon Bank, “We’ll be supervising the project and ensuring that renovations and usage meet the requirements of this important grant. In particular, we’ll be making sure that the apartments are rented to low-income individuals or families living at less than the county’s median income.”
Upon completion of initial construction, Horizon Bank will also provide an additional grant of $100,000 to be paid over the course of five years, for ongoing improvements and maintenance at the new Uptown Artist Lofts.
“This is a very exciting project,” said Edwards. “Not only is it a great opportunity to see Michigan City establish and grow its reputation in the arts community, but it’s a perfect match for our locally operated bank. We’re continually seeking redevelopment opportunities through economic ventures — and we’re thrilled to be closely involved in a project that enhances the very downtown where we have our corporate headquarters. It’s our way of giving back to our hometown.”
The Warren Building was built in 1925, and has been vacant for several years. When renovations are complete, 5800 of its nearly 80,000 square feet will be devoted to commercial space — and there will be a total of 44 apartments available for low-income families.
“Artspace is thrilled with the recent award of Affordable Housing Program (AHP) funding from the Federal Home Loan Bank of Indiana. We are very grateful to our local partner, Horizon Bank, as this award would not be possible without their support,” said Sarah White, Artspace Director of Property Development. "The AHP funds are a vital component of our financial plan, and this recent award helps move us toward a construction start in early 2015, and the completion of affordable live/work housing for artists in 2016.”
For more information about Artspace and its diverse arts-related renovation projects across the country, visit www.artspace.org.
Building Partnerships. Serving Communities.
The Federal Home Loan Bank of Indianapolis (FHLBI) is one of 12 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. The FHLBI 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 FHLBI, visit www.fhlbi.com.
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern and Central Indiana and Southern Michigan through its commercial banking subsidiary Horizon Bank, NA. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Market under the symbol HBNC.