The Federal Home Loan Bank (FHLB) of Des Moines awarded $22.4 million in Competitive Affordable Housing Program (AHP) grants for housing projects across its district, which includes 13 states and three U.S. Pacific territories.
Overall, the grants benefitted almost 2,500 families in the district. The grants not only provide access to housing for those in need, but they also allow existing homeowners to make essential repairs to improve their living situations.
The AHP grants were made possible through partnerships between FHLB Des Moines, member financial institutions, and local non-profit organizations.
Since the program began in 1990, FHLB Des Moines has distributed more than $424 million in competitive grants for the rehabilitation and construction of over 77,000 homes. Annually, FHLB Des Moines uses 10 percent of its net income towards the development of affordable housing,
The grant recipients are from Alaska, Hawaii, Iowa, Idaho, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, Guam, Mariana Islands, and American Samoa.
FHLB Des Moines opened on Oct. 15, 1932, after the establishment of the Federal Home Loan Bank Act by President Herbert Hoover. For more than 80 years, FHLB Des Moines has been providing readily available, low-cost liquidity to member institutions through all economic cycles.