DES MOINES, Iowa, May 27, 2008 (PRIME NEWSWIRE) -- FHLB Des Moines has funds available as a source of disaster relief for communities in Minnesota, including Hugo, affected by recent natural disasters. Members of FHLB Des Moines located in 2008 Federal Disaster Areas are eligible for Community Investment Advances to help finance the repair or reconstruction of homes, businesses or infrastructure damaged by disasters. Damage to homes, businesses or infrastructure must be a direct result of the disaster and structures must be located in a Federally Declared Disaster Area in Iowa, Minnesota, Missouri, North Dakota or South Dakota to qualify for these special advances.
With terms ranging from six months to 20 years, Community Investment Advances can be used to fund conventional or short-term loans. FHLB Des Moines is waiving its per member limit, the greater of 15% of non-Community Investment Advances or $5 million, for any member borrowing funds for a 2008 Federally Declared Disaster Area.
For more information, please call the Bank's Community Investment Department at 800.544.3452, ext. 1173. Visit the FEMA website at www.fema.gov for a list of designated disaster areas.
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.