$52.6 Million in Affordable Housing Grants to Benefit More Than 3,800 Families and Individuals
posted on Tuesday, December 18, 2018 in Community News
Low-income families, seniors, persons with disabilities, homeless, and at-risk youths will benefit from more than $52.6 million in affordable housing grants this holiday season. The funds are provided through the Federal Home Loan Bank of Des Moines (FHLB Des Moines or the Bank) Competitive Affordable Housing Program, one of the nation’s largest sources of grants for affordable housing projects.
The grants are made possible by a collaborative effort between community housing providers, financial institutions, and FHLB Des Moines. This effort will support more than 3,800 families and individuals across the Bank’s district, which consists of 13 states and three U.S. Pacific territories.
The funds enable the construction of new affordable houses, or the rehabilitation of old properties into new, modern, affordable homes or rental units. In 2017, the grants helped fund the creation and rehabilitation of more than 2,000 units into affordable housing.
“FHLB Des Moines is committed to assisting those in need find affordable housing,” said Mike Wilson, President and CEO of FHLB Des Moines. “Access to safe and affordable housing is a critical issue in every community we serve. We look forward to continuing our mission of providing funding to lenders so that they can meet the needs of their communities.”
The Competitive Affordable Housing Program encourages partnerships between FHLB Des Moines member financial institutions and local housing providers to construct new and restore existing homes and rental units to ensure housing for the community. Beyond housing, the program works to generate jobs by employing local businesses to complete projects.
Every year, FHLB Des Moines returns 10 percent of its net income to benefit communities in its district.
For a complete listing of 2018 Competitive Affordable Housing program grant recipients, click here. For more information, contact the Bank’s Community Investment Department by calling 800.544.3452, ext. 2400.
- affordable housing program
- community investment