DES MOINES, Iowa, June 29, 2006 (PRIMEZONE) -- Homeowners affected by disasters in 2006 now have another source of funds available to repair or reconstruct their damaged homes. Beginning July 5, 2006, the Federal Home Loan Bank of Des Moines is allocating $500,000 to a Disaster Recovery Fund (DRF) to provide reconstruction or rehabilitation assistance to eligible households. Homes must be located within an active 2006 Federal Disaster Declaration in Iowa, Minnesota, Missouri, North Dakota or South Dakota to qualify for DRF.
Funds will be available on a first-come, first-serve basis to members of the Home Loan Bank. Member banks may reserve up to $50,000 at a time to provide subsidies to eligible households in their communities whose homes were damaged by a disaster. Homeowners may receive up to $10,000 in DRF to reconstruct or rehabilitate their homes. The Bank member must certify that the rehabilitation or reconstruction is a direct result of the declared disaster.
For more information about the Disaster Recovery Fund, visit the Bank's website at www.fhlbdm.com or contact the Bank's Community Investment Department at 800.544.3452, ext. 1173.
The Federal Home Loan Bank of Des Moines is a 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.