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Seven St. Louis community partners celebrated nearly $3 million in housing grants through the Federal Home Loan Bank of Des Moines (FHLB Des Moines) Competitive Affordable Housing Prorgram (AHP) on Friday, February 2. Congressman Wm. Lacy Clay was on-hand to make the announcement, which will help 130 area families find safe and affordable housing.
Through partnerships with member financial institutions and community partners, FHLB Des Moines awarded:
FHLB Des Moines returns 10 percent of its net income annually to assist with housing needs throughout its district, consisting of 13 states and three U.S. Pacific territories. Since the inception of the program in 1990, FHLB Des Moines has awarded $74.1 million for housing in the state of Missouri to benefit more than 15,300 homeowners.
“Through these grants, our members and non-profit partners are providing families and individuals in need with affordable housing opportunities,” said Mike Wilson, president and CEO, FHLB Des Moines. “That housing, in turn, lends strength to the communities in which they live. These housing needs are met through the work of local lenders who partner with FHLB Des Moines to provide these important dollars without taxpayer funding.”
AHP dollars are an important form of gap funding for a variety of projects, as the grants are often combined with other federal and local dollars.