Congressman Cleaver Announces AHP Grants in Kansas City

Congressman Emanuel Cleaver, II announced that Kansas City neighborhoods will receive $740,000 in housing grants through the Bank’s Affordable Housing Program. The funds will be used to fund two projects:

• Neighborhood Housing Services of Kansas City, Inc. and U.S. Bank will use $283,000 in grant funds to rehabilitate foreclosed and abandoned homes, making them available to families that otherwise may not have been able to afford the home and the work required to make it safe and livable.

• A $457,000 grant will be awarded to City Union Mission, Inc. and CommunityAmerica Credit Union to make improvements to the Family Center. This project is necessary to maintain 48 units of homeless housing on the Family Center campus.

Webinar Resources

FHLB Des Moines continues to focus on delivering value to our members by providing educational resources. The online educational resources available on the Webinar Resources page will help you get the most out of your membership. Interested in additional information about the Bank’s products and services? Contact the webmaster and we will do our best to add the educational resources you need.

$1.2 Million Awarded to Minneapolis Housing Projects

Congressman Keith Ellison (DFL-MN) announced $1.2 million in AHP grants for Minneapolis projects on Monday, January 9. The funding will reduce the impact of foreclosures, decrease homelessness and strengthen neighborhoods through four projects:

Alliance Housing and Franklin National Bank
$360,000 grant to rehabilitate 12 foreclosed homes in North Minneapolis

Habitat for Humanity of Minnesota and Bremer Bank
$100,000 grant to restore safe homes for 17 families

Project for Pride in Living, Inc. and Wells Fargo Bank
$400,000 grant to construct 40 units of rental housing for people with mental illness

CommonBond Communities and U.S. Bank
$300,000 grant to create 60 new, HUD Section 202 homes

During the 22-year history of the Affordable Housing Program, FHLB Des Moines members and the four project sponsors have used $10.5 million in grants, providing places to call home for thousands of people. Over $131 million has been injected into the local economies through the development of the projects.

Repurchases of Excess Activity Based Capital Stock Reminder

On December 20, 2011, the Bank announced changes to future dividend payments and excess capital stock repurchases.

As a reminder at the close of business day on January 4, 2012, the Bank will reduce its Operational Threshold for excess activity based capital stock from $50,000 to $0. The Bank will continue its practice of repurchasing all excess activity based capital stock on the 19th of each month but reserves the right to repurchase excess activity based capital stock more frequently throughout the month and members may continue to request to have their balance repurchased down to $0 at any time.

For questions or more information on any of these changes, please contact Terri Goetsch, accounting supervisor, 800.544.3452, ext. 1424 or your VP – Member Services.

Changes to the Affordable Housing Programs

In 2012, the Bank is offering two Affordable Housing Program (AHP) opportunities:

Competitive AHP
The Bank will offer one funding round that will take applications beginning on April 2, 2012 and ends on May 15, 2012. The Bank will limit each AHP project to a maximum grant request of $300,000, and will limit each member charter to no more than $1 million of approved projects.

Native American Homeownership Initiative
The Bank has allocated $200,000 to this program which will be available from January 3, 2012 through December 31, 2012. Each member may reserve up to $20,000 at a time for up to 90 days beginning January 3, 2012.

Further details about each program can be found on the Community Investment page of the website or by contacting the Community Investment Department at 800.544.3452, ext. 1173 or email, communityinvestment@fhlbdm.com.

2012 Native American Homeownership Initiative

Effective January 3, 2012, Federal Home Loan Bank of Des Moines will allocate $200,000 to members to help eligible Native American households purchase single family, owner-occupied properties under the Native American Homeownership Initiative.

The grants may be used for down payment, closing cost assistance and rehabilitation associated with the purchase of a property. Guidelines are available on the NAHI page of the website.

FHLB Des Moines Announces Changes to Future Dividend Payments and Excess Capital Stock Repurchases

As your cooperative, FHLB Des Moines is committed to being a low-cost and steady funding source for your institution. Your continued support of the Bank through the use of its products is essential to its ability to remain a constant and ready source of funding in all market conditions.

The Board of Directors recently approved changes to its future dividend practices which will encourage and reward use of the Bank’s products by its members. Please read the announcement.

Moody's Releases Credit Analysis of FHLBanks

Moody’s Investor Services released its Credit Analysis of the Federal Home Loan Bank System (FHLBanks) on December 20, 2011. Excerpt from the Summary Rating Rationale: “The Aaa rating of the FHLBanks reflects its consistent risk-adjusted earnings, solid asset quality, unique position as a key funding source to its member institutions, as well as the substantial support of the U.S. Government.”  Additional ratings for FHLB Des Moines and FHLBanks are located on the Investor Relations page.