Press
Release
For Immediate Release:
December 13, 2006
Contact:
Angie Richards
515.281.1014
arichards@fhlbdm.com
CEDAR RAPIDS FINANCIAL
INSTITUTIONS GIVE THE GIFT OF
HOMEOWNERSHIP
’Tis the season for making dreams
come true and this year it has
special meaning for low- to
moderate-income individuals and
families in the Cedar Rapids area.
A generous holiday “gift” of grants
totaling $200,000 from the Federal
Home Loan Bank of Des Moines to
three local financial institutions
will help more than 40 individuals
and families living in the Cedar
Rapids area achieve the dream of
owning their own home.
Through two funds – Urban
Homeownership and Urban First-Time
Homeownership – the Home Loan Bank
has awarded a $100,000 grant to
Farmers State Bank, Marion and
grants of $50,000 each to Heritage
Bank, Marion and Linn Area Credit
Union, Cedar Rapids. Each is
currently developing a process to
distribute the funds to qualified
homebuyers.
The Home Loan Bank programs are
designed for homebuyers at certain
income levels. To be eligible for
the grants, Cedar Rapids homebuyers
must be at or below 80 percent of
the area’s median income, and all
buyers must complete a course in
financial literacy. Qualified
applicants will be eligible for up
to $5,000 each towards the purchase
of a home.
For more information about the Urban
Homeownership programs, call:
Heritage Bank, 319.373.5400
Farmers State Bank, 319.377.4891
Linn Area Credit Union, 319.378.0101
