FHLB Des Moines low-cost Community Investment Advances can provide support to communities across the Bank's district that have suffered devastating natural disasters. The Bank has special targeting requirements for Community Investment Advances in Federal Disaster Areas. Loans do not need to be tied to income targeting or targets for small business or small farm loans to qualify. On a case-by-case basis, the Bank will also waive the $6.0 million Community Investment Advance member limit for qualifying advances.
For more information and for approval of an advance request, contact the Community Investment Department by calling 800.544.3452, ext. 1173.
Program Guidelines for Community Investment Advances in Federal Disaster Areas
Residential and commercial loans may qualify for Community Investment Advances if the loans are used to finance repairs or losses related to a federally declared disaster. Loans must be originated within 18 months of the Federal Disaster Declaration and serve residences, farms, businesses or communities located in the disaster area. A member must provide a concise project description in their request for funds to demonstrate how the funds will be used to assist in disaster recovery. Community Investment Advances are lower cost fixed rate advances with terms from one to 20 years. The standard requirements of FHLB Des Moines credit and collateral policies apply.
Important: The Bank reserves the right to cap the amount of advances to any single member for use in a federal disaster area. In addition, the interest rate on the amount of any disaster advance borrowed by a member but not used in accordance with the aforementioned guidelines will revert to the interest rate in effect on a comparable regular advance at the time the disaster advance was requested. That rate of interest will be assessed from the original disbursement date.
Federally Declared Disaster Areas
To determine if an area has a Federal Disaster Area designation and for more disaster related information, visit the FEMA website.
Additional Information and Resources