Des Moines, Iowa – April 15, 2015 – (RealEstateRama) — The Iowa Legislature recognized the Federal Home Loan Bank of Des Moines (FHLB Des Moines) on Tuesday morning for its longstanding support and contributions to affordable housing throughout the state.
Both the Senate and the House of Representatives took a moment to celebrate 25 years of the FHLB Des Moines Affordable Housing Program.
“It was an honor to celebrate the 25th anniversary of the Federal Home Loan Bank Affordable Housing Program,” said Senator Brad Zaun, district 20, “As a former mayor, I recognize all the economic development that occurs in our hometowns, not to mention their involvement in fulfilling the American dream through homeownership.”
Since 1990, the Bank has provided more than $250 million in affordable housing grants through member financial institutions to communities in Iowa, Minnesota, Missouri, North Dakota and South Dakota. In Iowa alone, FHLB Des Moines has awarded $52.7 million to create and maintain housing opportunities in the state.
“Through our Strong Communities Fund, we have supported over 13,000 Iowa families since the inception of this program,” said Dan Clute, executive vice president/chief business officer, FHLB Des Moines. “These grants have also generated almost a half a billion dollars in total development costs, which translates to jobs for the construction industry, as well as the economic impact of the increased stability for the families served by the grants.”
The grants are used by housing groups as large as Central Iowa Shelter and Services and as small as emergency repair grants to the elderly and disabled by non-profit groups across Iowa.
Each year, FHLB Des Moines returns 10 percent of its net income to communities in its district as part of its Strong Communities Fund. These 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.
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The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to nearly 1,200 members, including commercial banks, saving institutions, credit unions and insurance companies. The Bank is wholly owned by its members and receives no taxpayer funding. The Des Moines Bank serves Iowa, Minnesota, Missouri, North Dakota and South Dakota and is one of twelve regional Banks that make up the Federal Home Loan Bank System.