Member Impact Fund awards $113,000 to Guam nonprofits supporting affordable housing, community development
last updated on Monday, August 21, 2023 in Community News
More than $113,000 has been awarded to five organizations across Guam to support affordable housing and community development needs. This outreach is available through the Federal Home Loan Bank of Des Moines (FHLB Des Moines), who has partnered with two member financial institutions – Bank of Guam and Community First Guam Federal Credit Union.
The Member Impact Fund (MIF) is a matching grant program designed to offer financial support for affordable housing and community development initiatives in targeted areas of the FHLB Des Moines district. The fund, which totals $15 million, is a nearly $3-to-$1 match of member donations. The program was available to member financial institutions to support eligible organizations located in Hawaii, Idaho, Utah, Wyoming, and the U.S. territories of Guam, American Samoa and the Commonwealth of the Northern Mariana Islands.
In addition to the member-sponsored donations, FHLB Des Moines awarded $5,000 to the Guam Economic Development Authority (GEDA). Created in 1965, GEDA provides centralized direction, control and supervision of an integrated plan for the economic development of Guam. GEDA’s mission is to develop a sound and sustainable economy through innovative programs that preserve and promote local culture, economic opportunities and quality of life.
Community First Guam Credit Union (Community First) received matching grants from the MIF to assist three non-profit organizations. The $24,000 in total benefited Catholic Social Services (CSS) Alee Shelters, Sanctuary Incorporated of Guam and Victim Advocates Reaching Out (VARO). CSS helps trauma victims of abuse and neglect and coordinates other services with partner agencies, such as VARO. CSS will use the grant to improve its housing environment for the children by purchasing two air-conditioning units, a water heater and bunk beds.
Gerard Cruz, president and CEO of Community First, is thrilled with the positive impact they are able to make through the MIF. “Guam has many nonprofits that do so much good in our community, which made it difficult to choose just three organizations. Those that were selected met the Member Impact Fund criteria best, which aligned with the grant’s mission to strengthen our community through housing or community development initiatives or outreach.” He adds, “We are grateful for the generosity of FHLB Des Moines. Their donations make an amazing impact on Guam and the people and communities we serve.”
The MIF is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, president and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”
Learn more about the Member Impact Fund at www.fhlbdm.com/products-services/affordable-housing/member-impact-fund.
About FHLB Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. FHLB Des Moines provides funding solutions and liquidity to more than 1,200 financial institutions across its district to support mortgage lending, economic development and affordable housing in the communities served by its member financial institutions. FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The Des Moines Bank is wholly owned by its members and receives no taxpayer funding. Guam is included in the FHLB Des Moines district.
About Community First Guam Credit Union
Community First Guam Credit Union is a community-chartered, full-service financial institution serving the community of Guam since 1962. Community First has service centers in Hagatna, Tamunig, Dedeco and a student-run center in Mangilao. The new Community First headquarters will be opening in Hagatna in 2023.
- Member Impact Fund