These grants represent more than an investment in affordable housing, said Senator Amy Klobuchar. They’re also an investment in the prosperity and quality of life in our communities.

Sixteen AHP grants totaling nearly $6.3 million, were awarded by FHLB Des Moines during the second competitive round of 2008. In response to community housing and economic challenges, the Bank’s Board of Directors approved changes to the second round of AHP scoring criteria to pay special attention to foreclosure projects. FHLB Des Moines Affordable Housing Program aids the unique housing needs of each community our members serve, said Richard S. Swanson, president and CEO of the Bank. This partnership has strengthened their community by providing quality, safe and affordable homes.

We are grateful for the investment in Greater Minnesota communities by Federal Home Loan Bank of Des Moines, said Warren Hanson, president and CEO of Greater Minnesota Housing Fund. AHP helps FHLB Des Moines member financial institutions and their community partners develop affordable housing for low- to moderate-income households. Funds are made available in the form of forgivable loans and grants to support affordable housing for families and individuals earning up to 80 percent of their community's median income. These new FHLB Des Moines funds are an important commitment to our community and will help us serve families and individuals looking for sustainable homeownership opportunities in a troubled housing market, said Jenny Larson, Community Development Director, Three Rivers Community Action, Inc. We are committed to helping stabilize the housing market by serving families and individuals in need, Ms. Larson continued.

Each year FHLB Des Moines commits 10 percent of its annual net income to developing affordable housing. Since 1990, FHLB Des Monies has awarded over $54.4 million through AHP to create 11,868 homeownership and rental units in the state of Minnesota.

For more information, contact the Bank’s Community Investment Department at 800.544.3452, ext. 1173 or visit www.fhlbdm.com/ci_ahp_08recip.htm.

If you are interested in using these funds to help purchase a foreclosed home in your community, please contact your local program partner: Jenny Larson, Community Development Director, Three Rivers Community Action, Inc. 507-732-8510, or www.threeriverscap.org

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.

About Greater Minnesota Housing Fund Greater Minnesota Housing Fund supports the creation of healthy communities and affordable homes for working families throughout the 80 counties of Greater Minnesota. GMHF provides both financial and technical assistance to make innovative local affordable housing initiatives possible in partnership with community based organizations. Since its inception, GMHF has provided over $100 million to help create over 8,200 affordable homes.

As a non-profit housing developer, Three Rivers Community Action works to create safe, decent housing that is permanently affordable to low- and moderate-income families in Southeastern Minnesota. Three Rivers has successfully developed a variety of townhomes, apartments, and single-family starter homes for families and individuals in their service area. Three Rivers also manages supportive housing units for the State of Minnesota. In partnership with First Homes, Three Rivers offers a community land trust program to increase the affordability of our single-family homes.