Business Updates

 

FHLB Des Moines Awards Housing Grants

Member financial institutions and community development organizations partnered to receive more than $7.3 million in Affordable Housing Program grants.

The funds, which will provide construction, down payment, closing cost or rehabilitation assistance to 25 projects, will have an economic impact of over $55.3 million on communities throughout the Bank’s five-state district. In addition, more than 1,070 units of affordable housing will be assisted with the grants.

Below is the breakdown of grants by state:

 

State	Projects	Grants	AHP Units	Development Cost	Home Ownership Projects	Rental Projects	Rural Projects
Iowa	7	$1,253,000	232	$1,480,094	7	0	7
Minnesota	5	$1,912,327	414	$33,428,301	1	4	2
Missouri	8	$2,604,256	225	$4,088,332	1	7	7
North Dakota	3	$1,193,000	144	$15,627,661	0	3	2
South Dakota	2	$375,000	56	$718,234	1	1	2
Total	25	$7,338,083	1,071	$55,342,622	10	15	20

 

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2008 Spring Member Meetings

More than 560 people from 300 member financial institutions attended the 2008 Spring Member Meetings hosted by FHLB Des Moines. Held in nine locations throughout the Bank’s five-state district, the meetings focused on liquidity and funding management.

Karl Nelson, director of Industry and Governmental Relations for Silverton Bank in Atlanta, Georgia, emphasized the importance of liquidity risk management and discussed methods to measure risk. FHLB Des Moines experts updated attendees on the Bank’s year-end accomplishments, financial highlights, products and services.

Overall, feedback from members about the 2008 Regional Member Meetings was extremely positive. Attendees found the meetings beneficial and gave the speakers, topics and quality of information provided high marks. Check the Bank’s website, www.fhlbdm.com, for future educational opportunities.
 

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Affordable Housing Program Scoring Changes

FHLB Des Moines is addressing the mortgage crisis by changing scoring priorities for its Affordable Housing Program (AHP) competitive grant applications.

Changes were made in an effort to help Bank members and community development organizations deal with properties in their communities that are left vacant as a result of foreclosure. AHP applications involving the resale of foreclosed properties will now be awarded additional points in the scoring process.

The AHP application period begins August 1, 2008 and ends September 26, 2008. Please visit the Bank’s website at http://www.fhlbdm.com/ci_ahp.htm for more information.