Des Moines, IA – April 8, 2015 – (RealEstateRama) — As winter turns to spring, and warm weather replaces frigid temperatures, homeowners in Southwest Iowa were greeted with more good news on Wednesday morning. Congressman David Young joined the Southwest Iowa Housing Trust Fund to announce more than $530,000 in affordable housing grants awarded by the Federal Home Loan Bank of Des Moines (FHLB Des Moines) Strong Communities Fund.
Through partnerships with FHLB Des Moines member financial institutions, Houghton State Bank and Midstates Bank, the Strong Communities Fund grants will assist nearly 100 residents in Red Oak, Iowa and Trust Fund service areas with vital home repairs.
The repair program is a continuation of previous housing repair projects funded by Houghton State Bank, Midstates Bank and FHLB Des Moines. The goal of the program is to preserve owner-occupied homes through energy conservation and the elimination of health and safety standards.
“As a result of partnerships such as the ones celebrated today, our members and non-profit partners are able to bring stability to the lives of the recipient families and individuals and strengthen the communities that they live in,” said Richard Swanson, president and chief executive officer, FHLB Des Moines. “Their needs are met through the work of local lenders who partner with FHLB Des Moines to provide these important dollars without taxpayer funding.”
Each year, FHLB Des Moines returns 10 percent of its net income to communities throughout its district. As part of its Strong Communities Fund, FHLB Des Moines has awarded $52.7 million for housing in Iowa through partnerships with its member financial intuitions since the inception of its Competitive Affordable Housing Program in 1990.
Strong Communities Fund dollars are an important form of gap funding for a variety of projects as the grants are often combined with other federal and local dollars.
For More Information:
FHLB Des Moines
mfastenau (at) fhlbdm (dot) com