State of Minnesota Receives $5.0 Million in Affordable Housing Funds
Des Moines, IA – December 28, 2010 – (RealEstateRama) — Communities throughout the state of Minnesota were recently awarded $5.0 million in affordable housing grants through the Federal Home Loan Bank of Des Moines Affordable Housing Program (AHP). The 15 projects slated for completion with these grants will create 545 homes for lower income families. In total, FHLB Des Moines awarded $16.4 million to 57 projects.
Each year FHLB Des Moines commits 10 percent of its annual net income to developing affordable housing. FHLB Des Moines member financial institutions partner with community development organizations to compete for AHP funding. Grants are used to provide rental and homeownership opportunities for individuals and families at or below 80 percent of the area median income.
The projects will serve a wide variety of recipients, including the homeless, first-time homebuyers, elderly, low-income persons with HIV/AIDS and families making home repairs. The benefits of AHP extend beyond providing a home for low-income families – the program ensures affordable housing for future generations, creates jobs and stimulates economic growth. Many times these projects draw on local business and contractors to complete the work.
FHLB Des Moines has helped fund 1,087 affordable housing projects with a total of 38,424 units through the competitive AHP. In Minnesota, $63.4 million has been granted to 366 projects, assisting with the creation of 12,796 housing units since 1990.
For more information about the program and a complete listing of grants, visit the FHLB Des Moines website.
About FHLB Des Moines
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 more than 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.
