Des Moines, Iowa – Children & Families of Iowa (CFI) will receive $120,000 from Federal Home Loan Bank of Des Moines to provide safe and affordable housing for homeless individuals and those recovering from domestic violence. Through the Bank’s Strong Communities Fund (SCF), West Bank and Children & Families of Iowa partnered to receive Competitive Affordable Housing Program (AHP) funds which will assist in rehabilitating a 15-unit apartment building.
“Children & Families of Iowa is grateful for the generous grant from Federal Home Loan Bank of Des Moines, which will allow us to continue to provide transitional housing to individuals who have fled domestic violence,” says CFI Executive Director Gloria Gray. “Occupants temporarily receive rental assistance to live in the apartments while working toward the goal of becoming self-sufficient. We are very grateful to have West Bank as a partner in helping families succeed.”
Forty-three AHP grants totaling nearly $14 million were awarded by FHLB Des Moines during the 2013 Competitive Affordable Housing Program round.
“The Competitive Affordable Housing Program is about building strong communities,” said Dick Swanson, president and CEO, FHLB Des Moines. “Communities, in partnership with local financial institutions and non-profit organizations, determine their own housing needs and create solutions that are right for them.”
The Competitive AHP was designed to help FHLB Des Moines member financial institutions and their community partners develop affordable housing for low- to moderate-income households. Each year FHLB Des Moines commits 10 percent of its annual net income to developing affordable housing. Since 1990, the Bank has awarded $51.6 million through its Strong Communities Fund housing programs to create 13,251 homeownership and rental units in the state of Iowa.
For more information about FHLB Des Moines Strong Communities Fund and its Competitive Affordable Housing Program, contact the Bank’s Community Investment Department at (800) 544-3452, ext. 1173 or visit http://www.fhlbdm.com/strong-communities-fund/.
The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to more than 1,200 members, including 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.
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