
Normal
0
21
false
false
false
FR
X-NONE
X-NONE
Supporting Community Development
Federal Banks also enter the market and directly help their member institutions through their Community Investment Program advances (or loans) that allow members to fund affordable housing while maintaining profit margins and minimizing risk. Members can obtain discounted advances that are priced up to 10 basis points below regular commercial advances to support qualified affordable housing development. These programs in turn are offered to developers and home builders to create an incentive for the construction of low cost housing.
Supporting Affordable Housing
Each year the Federal Home Loan Bank of Des Moines provides grant funding through their Affordable Housing Products for the purchase, construction or rehabilitation of affordable housing. Since its inception in 1990, more than $500 million in grants have been awarded to create affordable housing opportunities for nearly 100,000 families in communities across the district. Their programs include help first-time homebuyers fulfill the dream of owning a home, help veterans purchase or rehabilitate a home, and provide much needed resources to help developers create affordable housing for very low- to moderate- income families. In 2017, FHLB Des Moines members reserved up to $140,000 to promote Native American, Native Alaskan or Native Hawaiian homeownership in communities across the Bank’s district. Members provide up to $15,000 per eligible household to assist with down payment, closing costs, homeownership counseling or home repairs associated with a home purchase and are reimbursed by the FHLB Des Moines after closing of the mortgage loan.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Tableau Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:””;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Arial”,”sans-serif”;
color:black;
mso-ansi-language:EN;}