FHLB Des Moines announces $52.6 million in affordable housing grants


(1/14/2019)

$376,820 housing grant awarded to the city of Winona for home rehabilitation loans

The Federal Home Loan Bank (FHLB) Des Moines, one of the nation’s largest sources of grants for affordable housing projects, has provided $52.6 million in housing grants through its Competitive Affordable Housing Program, including $376,820 for the city of Winona’s Ability Home Rehabilitation Program.

The grants are made possible by a collaborative effort between community housing providers, financial institutions, and FHLB Des Moines. Every year, FHLB Des Moines returns 10 percent of its net income to benefit communities in its district. This effort will support more than 3,800 families and individuals across the bank’s district, which consists of 13 states and three U.S. Pacific territories.

“FHLB Des Moines is committed to assisting those in need find affordable housing,” said Mike Wilson, president and CEO of FHLB Des Moines. “Access to safe and affordable housing is a critical issue in every community we serve. We look forward to continuing our mission of providing funding to lenders so that they can meet the needs of their communities.”

The Ability Home Rehabilitation Program is made possible by the collaborative effort of Merchants Bank, the city of Winona, and FHLB Des Moines. The Ability Home Rehabilitation Program is a city-wide home rehabilitation program aimed to serve low- to moderate-income homeowners with an added emphasis to assist seniors and those with disabilities.

“It is a privilege to collaborate on this important project for the Winona community. If homeowners find their remodel plans are outside the scope of this grant, our lenders are here to help educate on other financing options,” said Andrew Guzzo, regional president for Merchants Bank.

“The Ability Home Rehabilitation Program will directly meet the individual needs of homeowners, empowering them to make the necessary repairs and investments to remain in their homes and age in place, while protecting their home value for future generations,” said community development specialist Nick Larson “I thank Merchants Bank as well as FHLB Des Moines for their partnership in maintaining Winona’s housing stock by keeping homes safe, accessible, and livable.”

The Ability Home Rehabilitation Program provides zero-percent, forgivable deferred loans to make accessibility improvements, energy efficiency upgrades, and general health and safety improvements.

The city of Winona will host public informational meetings to explain the program and answer questions regarding the Ability Home Rehabilitation Program on Tuesday, January 15, on the third Floor of city hall, 207 Lafayette Street, at 11 a.m. and 6:30 p.m.

All interested low- to moderate-income owner-occupied households — including women, minorities, seniors, veterans, and persons with disabilities — interested in participating in the Ability Home Rehabilitation Program are highly encouraged to attend one of the informational meetings.

The city of Winona will begin accepting applicants on a first-come, first-served basis on Thursday, January 17, 2019, beginning at 8 a.m. To sign up, homeowners may call 507-457-8250 or 507-457-8231, email NLarson@ci.winona.mn.us, or go to city hall, room 210, 207 Lafayette Street. Applicants will not be accepted prior to Thursday, January 17, at 8 a.m.

For more information, contact Nick Larson at 507-457-8251 or email NLarson@ci.winona.mn.us.

 

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