Senator John Thune and Senator Mike Rounds Celebrate Statewide Housing Grants with GROW South Dakota
Tuesday, August 18, 2015
(Aberdeen, South Dakota) -- Twenty-five years ago, Congress created the Affordable Housing Program (AHP) of the Federal Home Loan Banks, with the purpose of providing safe and decent housing for families across the country.
Senator John Thune and Senator Mike Rounds joined FHLB Des Moines in Aberdeen on August 13, 2015, to celebrate partnerships with FHLB Des Moines member financial institutions and community partners, GROW South Dakota, Homes Are Possible, Inc. and the Sisseton Wahpeton Housing Authority. Collectively, these three organizations have received a combined $12 million in Strong Communities Fund grants over the 25-year history of the grant program. According to Marcia Erickson, GROW South Dakota Chief Executive Officer,” Historically, GROW South Dakota has received $5,700,000 to assist over 1,100 homeowners in Eastern South Dakota with needed home improvements that help seniors remain in their homes longer and assist families to maintain quality affordable housing.”
“Through partnerships such as the ones celebrated today, our members and non-profit partners are able to bring stability to the lives of the recipient families and individuals and strengthen the communities that they live in,” said Richard Swanson, chief executive officer, FHLB Des Moines. “Their needs are met through the work of local lenders who partner with FHLB Des Moines to provide these important dollars without taxpayer funding.”
Each year, FHLB Des Moines returns 10 percent of its net income to communities throughout its district. Strong Communities Fund 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. In the state of South Dakota, more than $30 million in Federal Home Loan Bank of Des Moines (FHLB Des Moines) Strong Communities Fund grants have helped nearly 6,000 families make their dreams of homeownership a reality.
Pictured in the Photo L to R: Mark Nelson, GROW SD Loan Officer; Steve Baumann, FHLB Des Moines Board of Directors; Marcia Erickson, GROW SD CEO; Jennifer Cowell, VP/Director of Government Relations, FHLB Des Moines; Senator John Thune; Kathy Quale and Tim Gapp, Peoples State Bank; Sandy Leiseth, GROW SD Housing Director; Lori Finnesand, GROW SD CEO; Dustin Bragg, GROW SD FHLB Coordinator; and Senator Mike Rounds.
The Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to nearly 1,500 financial institutions to support mortgage lending, economic development and affordable housing in their communities. Serving 13 states and three U.S. Pacific territories, FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The Des Moines Bank is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.
For more information about GROW South Dakota’s housing and business development programs and services, please visit our website at www.growsd.org or call (605) 698-7654. GROW SOUTH DAKOTA is an Equal Opportunity Lender, Provider, and Employer.
Category: GROW SD, Success Stories