The Need

Our country is facing an extreme housing shortage, especially among low-income households. In Kentucky alone, there is a gap of nearly 93,000 affordable rental units, projected to grow to 117,000 by 2029. HOPE of the Midwest is here to help make a difference.

"Through Farmers National Bank's participation with HOPE of the Midwest, we have been afforded an opportunity to try and meet the housing needs of low and moderate income folks in numerous Kentucky communities. We have found the staff at HOPE , Billie Wade in particular, to be very responsive and professional throughout the whole process."

Mr. Greg W. Caudill
The Farmers National Bank of Danville, Danville, KY

Our Part

HOPE of the Midwest is helping to chip away at the existing housing shortage, having financed construction or renovation of more than 9,000 units over the last 14 years. Click the picture to the right to see how we were able to provide 87 new homes for a senior community in Shepherdsville, KY. Use the link below to check out our full project portfolio, or click through more pictures to the right to see our featured projects.

Project Portfolio

"Working with HOPE of the Midwest is an absolute pleasure. Billie, Tammy and Tamuna work hand in hand with the developers to make the process easy and straightforward. Together we are passionate about creating affordable housing, which holds deep emotional importance for individuals and communities. Beyond meeting the basic human need for shelter, it influences mental, emotional, and social well-being in profound ways by providing stability and security and a sense of belonging."

Mr. Johan Graham
AU Associates, Lexington, KY

Linda's Place

A senior development in Shepherdsville, KY.

Richwood Bend

An afforable family development in Lexington, KY.

The Foundry

An affordable family development in the Shively, Louisville, KY.

Puritan Apartments

Renovation of a historic hotel into affordable apartments for seniors.

How We Do It

With over 75 banks in its lending consortium, HOPE of the Midwest connects developers with bankers to access loans for affordable housing projects. Our loans range from predevelopment and acquisition loans to construction, permanent, and bridge loans, including transactions involving tax-exempt bond financing. HOPE's projects span 16 states, many of which are financed through the federal Low Income Housing Tax Credit (LIHTC) Program.

"In a time of low loan demand, HOPE loans have added much needed revenue. In addition, we have participated in a HOPE project in our community to rehab an old school into a beautiful apartment complex."

Mr. Timothy E. Barnes
Hometown Bank of Corbin, Inc., Corbin, KY

Results Matter

With over $700 million in loans originated since 2011, covering 165 projects and growing, HOPE continues to help developers and their residents make their housing dreams a reality. At the same time, HOPE has delivered solid income with zero losses and defaults to its banking partners.

9,000+

Units Constructed/Renovated

$700mm+

Loans Originated

165+

Projects Funded

Tax Exempt Bond
Projects Funded

ZERO

Losses &
Defaults

76+

Member
Banks

Benefits for Bankers

HOPE member banks can access loans from different geographic areas across the Midwest region, thereby expanding and diversifying their revenue streams.

The consortium structure allows to spread the risk across multiple participants. As banks choose their desired participation amounts by project, they can limit their interest rate and credit risk exposure.

Banks can receive Community Reinvestment Act (CRA) credits for participating in HOPE loans even if a project is not in their direct CRA assessment area.

Banks can rely on HOPE for our in-depth knowledge of the LIHTC industry and can participate in this highly technical field without having to develop that expertise in-house.

View Current Members here.

Become a Member here.

Benefits for Developers

Developers can access a range of loan products through HOPE, including construction, bridge, acquisition, predevelopment and permanent loans, depending on specific needs of a project at hand.

HOPE offers a flexible underwriting and approval process, tailored to particularities of each project. Developers also find our processes fast and efficient without unnecessary steps or rigidities that are characteristic of certain lenders and agency financing (e.g., Freddie/Fannie). Our goal is to always make the borrower's experience as smooth and streamlined as possible.

With the ability to source our funding from a multitude of banks, we strive to provide our borrowers with competitive terms and willingness to go the extra mile to get the deal done.

Developers also value our expertise with other tax credit programs that are often combined with LIHTC and can entail added complexity. These include historical tax credits, new markets tax credits, and state tax credit programs, among others.