Four communities celebrate $1.6 million in FHLB awards
In late 2018, four communities in three states celebrated funding awards from Federal Home Loan Bank of Des Moines (FHLB) Affordable Housing Program (AHP) totaling more than $1.6 million in critical funds to construct, rehabilitate, or acquire affordable housing.
MHP’s Community Development Team helped make these awards happen, supporting community members in Yankton, South Dakota; Miller, South Dakota; Spokane, Washington; and Winona, Minnesota as they worked to submit competitive applications. The funding secured will provide 70 affordable and safe rental homes for working people, preserve affordable rental homes for seniors, and rehabilitate tribal rental homes and owner occupied homes.
In Winona (pictured right), FHLB funds will support the Ability Home Rehabilitation Program. Community Development Specialist Nick Larson said the program will “empower Winona homeowners to make the necessary repairs and investments to remain in their homes and age in place, while protecting their home values for future generations.”
Merchants Bank partnered with the City of Winona and MHP to submit a successful application.
Miller Plaza, located in Miller South Dakota, is a United States Department of Agriculture Rural Development Section 515 property that provides 26 affordable homes to seniors and people with disabilities. FHLB funds will help preserve the property by addressing priority health and safety items, including an elevator upgrade.
Jerry Peterka, President at Quoin Financial Bank, led the application process for FHLB funding to renovate Miller Plaza. “These funds are key to ensuring that community members can continue to access quality, affordable homes at Miller Plaza,” Peterka said.
In 2018, FHLB Des Moines awarded more than $52 million through AHP, facilitating the creation or preservation of more than 3,800 units of affordable housing.