Bremer Bank and Federal Home Loan Bank of Des Moines Announce $100,000 in Funding to New Homebuyers
St. Paul, Minn. - August 5, 2009 - A grant totaling $100,000 was recently awarded to Bremer Bank by Federal Home Loan Bank of Des Moines. The grant is part of FHLB Des Moines Rural Homeownership Fund (RHF) which supports efforts to provide permanent housing to families and individuals in rural communities. The funds will be distributed to eligible borrowers throughout Bremer’s footprint.
FHLB Des Moines members are eligible to receive RHF grants to provide housing assistance in communities throughout the Bank’s five-state district. In response to community housing and economic challenges, the Bank changed the 2009 Rural Homeownership Fund guidelines to address the issue of foreclosure. Traditionally, households receive up to $5,000 to assist with the purchase of a property. This year, eligible households can receive up to $10,000 if they purchase a foreclosed property.
“FHLB Des Moines partners with community lenders to assist them in meeting their community’s needs,” said Gary Dodge, community investment director at FHLB Des Moines. “These grants provide community lenders the opportunity to help individuals and families achieve their dreams of homeownership. Homeownership not only brings stability to individuals and families but also to the neighborhoods and communities where they live.”
Since the program’s inception in 1996, 5,175 grants totaling $19.6 million dollars have been awarded to support a wide range of housing activities in the Bank’s district. The grants can be used to provide down payment, closing cost, counseling or rehabilitation assistance to households purchasing owner-occupied units in rural communities. Eligible households are at or below 80 percent of the area median income in urban communities.
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.
Bremer Financial Corporation
Bremer Financial Corporation is a privately-held, $7.6 billion regional financial services company jointly owned by its employees and the Otto Bremer Foundation (OBF). Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, investment, trust and insurance services to more than 100 locations in Minnesota, North Dakota and Wisconsin. OBF uses its share of dividends to distribute charitable grants to Bremer Bank communities. For more information, go to bremer.com.