The Marvetta & Anthony Grimes Family Center celebrated its grand opening on September 4, 2025, in Indianapolis. This 36-unit supportive housing development is a collaborative effort between 2 Thirty-Eight Properties, Seeds of Hope (a non-profit addiction recovery program), and the Volunteers of America of Ohio and Indiana. The project aims to alleviate a significant housing shortage on Indianapolis’s west side.
The center consists of two buildings. One building houses residential units, while the other includes residential units, an early learning facility, a free medical clinic, and space for on-site services. Residents will have access to services at the center and the adjacent Seeds of Hope Recovery Center. Case managers will assist families in connecting with necessary resources.
The project received substantial financial backing from various sources. Merchants Capital, a division of Merchants Bancorp, secured over $17 million in funding, including low-income housing tax credit equity financing and an equity bridge loan from Merchants Bank. Additional funding came from the Indiana Housing and Community Development Authority (IHCDA), First Merchants Bank, and the National Bank of Indianapolis.
FHLBank Indianapolis also played a crucial role, awarding the project $872,020 through its Affordable Housing Program (AHP). This award builds on a long-standing relationship between FHLBank Indianapolis and Merchants Bank, with Merchants Bank securing a total of $28.5 million in AHP grants for various projects since 2005.
A senior vice president at FHLBank Indianapolis praised the innovative approach of the project, highlighting its potential to positively impact Indianapolis families for years to come. A Merchants Capital vice president emphasized the company’s commitment to community strengthening and described the center as filling a vital need in providing a supportive environment for families.
The Marvetta & Anthony Grimes Family Center is unique in its focus on maintaining family stability during recovery. Residents are referred through the Father Glen O’Connor Home and other local service providers. The center’s namesake, Marvetta Grimes, is a former program resident and long-term executive director.
The Federal Home Loan Bank (FHLBank) system, including FHLBank Indianapolis, has a long history of supporting affordable housing initiatives. Since 1990, the system has allocated over $9 billion in AHP subsidies, benefitting more than one million households. FHLBank Indianapolis allocated $29.6 million to its AHP in 2025.
Merchants Capital‘s involvement highlights the company’s extensive experience in multifamily housing finance. With licenses from Fannie Mae, Freddie Mac, and HUD/FHA, and its bank’s balance sheet products, the company offers a range of financing solutions. Merchants Capital is recognized as a leading provider of affordable housing financing.
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