Press Release

For Immediate Release:
September 18, 2006

Contact:
Angie Richards
515.281.1014
arichards@fhlbdm.com

Federal Home Loan Bank of Des Moines Awards North Dakota Communities $1.3 Million in Affordable Housing Grants

(Des Moines, Iowa) – The Federal Home Loan Bank of Des Moines recently awarded $1.3 million in Affordable Housing Program (AHP) grants to five North Dakota projects. The grants will provide more rental and homeownership opportunities for very low, low and moderate-income households through the construction or renovation of nearly 160 units of affordable housing. A total of 50 projects received $13.7 million for the creation of nearly 2,630 housing units throughout the Bank’s five-state district of Iowa, Minnesota, Missouri, North Dakota and South Dakota.

Gary Dodge, director of Affordable Housing Programs for the Bank, commented on the program. “More affordable housing is needed, not only in North Dakota, but throughout the country. Grants awarded through the AHP to our member financial institutions provide assistance to individuals and families that may be unable to attain housing through a more conventional means. Funds are used for down payment, closing and rehabilitation cost assistance in both rural and urban areas.”

Each year, the Bank sets aside ten percent of its net earnings for affordable housing programs. Bank member financial institutions partner with community development organizations to compete for AHP grants which provide assistance to persons at or below 80 percent of the area median income. Projects are awarded grants to help fund low-income, single-family or multifamily rental or homeownership initiatives. Since the program began in 1990, the Bank has made a significant contribution to affordable housing, awarding $6.6 million to 43 projects creating over 1,420 housing units in North Dakota.

The following is a summary of the recipients by state:
 

For more information about the Affordable Housing Program, contact the Bank’s Community Investment Department at 800.544.3452, ext. 1173 or visit the Bank’s website at www.fhlbdm.com. Attached is a complete listing of North Dakota recipients.

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The Federal Home Loan Bank of Des Moines is a AAA-rated wholesale bank that provides low-cost short and long-term funding and community lending to more than 1,200 stockholder 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.