Federal Home Loan Bank Des Moines awards nearly $15 million to support community development through the Member Impact Fund

Grant program supports affordable housing and community development initiatives

DES MOINES, Iowa, June 07, 2023 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank Des Moines (FHLB Des Moines) joined efforts with 85 members to provide nearly $15 million to hundreds of non-profit or government agencies. This new member-matching grant program is designed to offer eligible organizations critical financial support for affordable housing and community development initiatives in targeted areas of the FHLB Des Moines’ district.

The Member Impact Fund matching 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. As a result, FHLB Des Moines is pleased to reach so many organizations:

• Hawaii: 21 awards, 10 members
• Idaho: 89 awards, 29 members
• Utah: 120 awards, 26 members
• Wyoming: 264 awards; 27 members
• U.S territories: $5,000 was awarded to each U.S. territory along with a total of six Member Impact Fund awards in Guam and the Commonwealth of the Norther Mariana Islands
  

“We created the Member Impact Fund to provide stronger support and funding to targeted communities within our district, and we are thrilled at the response from our members in serving the community development needs of their areas,” said Kris Williams, president and CEO of FHLB Des Moines. “The commitment of members to these organizations will help advance the affordable housing and community development needs in a meaningful way.”

The Member Impact Fund, which is a nearly a $3-to-$1 match of member donations, will be used for a variety of purposes such as job training, down payment assistance, strategic planning, financial literacy, food banks, youth programs, and so much more. Grant recipients range widely and include organizations such as Habitat for Humanity, United Way, NeighborWorks, and Boys and Girls Clubs.

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 they serve. The four states and three territories selected for the Member Impact Fund is a purposeful effort to support affordable housing and community development needs within these areas of the FHLB Des Moines district. The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer a variety of funding through its members to support community development needs throughout its geographic district.

About Federal Home Loan Bank of 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. We work together with over 1,200 member financial institutions to support affordable housing, economic development and community improvement.

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. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

Contact
Julie DeVader
515.412.2712
[email protected]

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