DES MOINES, Iowa, Dec. 1, 2006 (PRIME NEWSWIRE) -- The Federal Home Loan Bank of Des Moines (FHLB) awarded more than $8 million in housing grants this year, making the holidays brighter for more families throughout its five-state district. FHLB members could reserve funds through several Bank programs to provide down payment, closing cost or rehabilitation assistance to eligible, low-income homebuyers in their communities. Funds, which do not have to be paid back by the homebuyer, were available to assist both rural and urban homebuyers in Iowa, Minnesota, Missouri, North Dakota and South Dakota.
"Having a home for the holidays is something that many individuals and families only dream about," commented Richard S. Swanson, FHLB President and CEO. "At the Home Loan Bank, we provide our members with more affordable housing opportunities to help make the dream of homeownership a reality for the people in the communities they serve. It's exciting for us to know that our affordable housing programs have impacted deserving families and made their holidays better by giving them a home to call their own."
The Bank awarded over $8 million in grants through four housing programs in 2006. The programs included the Native American Homeownership Initiative ($450,000); Urban Homeownership Fund ($1.8 million); Urban First-Time Homebuyer Fund ($2.3 million); and the Rural Homeownership Fund ($3.5 million). More information about these and other Community Investment programs is available on the Bank's website at www.fhlbdm.com. A complete listing of North Dakota recipients is attached.
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.
Rural Homeownership Fund -- 1st Offering
Member Institution Amount of Subsidy
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First State Bank of North Dakota, Arthur $25,000.00
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Countrybank USA, Cando $25,000.00
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Bremer Bank, National Association, Minot $25,000.00
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Peoples State Bank, Westhope $25,000.00
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Rural Homeownership Fund -- 2nd Offering
Member Institution Amount of Subsidy
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First Security Bank -- West, Beulah $25,000.00
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