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Home Loan Bank Awards More Than $5.9 Million in Grants; Missouri Affordable Housing Projects Receive $1,062,700.

DES MOINES, Iowa, Jan. 11 /PRNewswire/ -- The Federal Home Loan Bank of Des Moines has awarded $1,062,700 in Affordable Housing Program grants to seven housing initiatives in Missouri. Since the program's inception in 1990, the Bank has awarded 86 Missouri projects more than $10.2 million, impacting 3,821 affordable housing units.

"The Affordable Housing Program continues to be an important vehicle for many of our members to address their community's housing needs," said Pat Conway, president of the Federal Home Loan Bank. "This is a program built on valuable relationships among our Bank, our members and their community organizations."

In partnership with member financial institutions and local development organizations, the Home Loan Bank helps finance affordable housing through Affordable Housing Program grants, which are awarded twice a year on a competitive basis. Successful projects are dedicated to the purchase, rehabilitation or construction of owner-occupied or rental homes that benefit very low, low and moderate income households. Other priorities include permanent housing for the homeless and the purchase, rehabilitation or construction of housing sponsored by a nonprofit, state or local government, local housing authority or Native American Tribe.

"Although we have a number of metropolitan areas in our district, the majority of our member financial institutions are located in smaller communities or rural areas," Conway said. "In fact for this round, approximately 71 percent of all the awarded projects were located in a rural area. For these communities, we are pleased to provide a tool in helping find a solution for housing needs."

Nearly 66 percent, or 25 of the 38 projects, were homeownership related. In Missouri, 57 percent of the projects, or four of the seven projects were homeownership related. For example, projects in Bowling Green, sponsored by the Bank of Cairo and Moberly and North East Community Action Corp., and in Cape Girardeau, sponsored by the city and Wood & Huston Bank, will be directed towards the rehabilitation needs to homes in both communities. In St. Louis, Mercantile Bank and the Justine Petersen Housing and Redevelopment Corp. teamed up to assist 59 families under 50 percent of the area median income with downpayment, rehabilitation and closing costs.

The Wood & Huston Bank co-sponsored another grant with the Habitat for Humanity of Saline County to build one single family home in Marshall.

The Affordable Housing Program also supports rental projects that target a specific segment of the population. For example, $355,200 in Affordable Housing Program grants will be used for three Missouri projects targeting transitional living. These projects include the Benilde Hall Transitional Living project in Kansas City, which provides shelter to homeless men with substance abuse problems. In Sikeston, the Fresh Start Transitional Housing project will rehabilitate 15 single family homes for transitional housing, and in Richland, the Bank of Crocker and Missouri Ozarks Community Action partnered to rehabilitate two duplexes to be used as transitional homes for the homeless.

"These are all meaningful projects because they will address currently unmet housing needs," Conway said. "Each project has a unique story about how everything came together, but each of them can be replicated in other areas of our five-state district because fundamentally they are similar. Each project is the result of many segments working together to find an innovative solution to a community problem. That is what the Affordable Housing Program is about -- partnerships that find solutions."

In the Bank's five-state district of Iowa, Minnesota, Missouri, North Dakota and South Dakota, total grants amounted to more than $5.9 million, which includes no taxpayer dollars. This money will fund construction, rehabilitation and downpayment and closing cost assistance for 1,040 units of affordable housing for families below 80 percent of the area median income. Total development costs in the region exceeded $37 million.

Of 108 applications submitted for the second round of 1999, 38 received funding. Since beginning the program in 1990, the Home Loan Bank of Des Moines has awarded nearly $57 million for 18,522 units of affordable housing. The 524 projects winning grants have amounted to nearly $1 billion in development costs.

The statewide breakdown of grants is as follows. For a complete list of individual projects, please see the attached.
 Project Grants Total Development
 Units Costs

 Iowa 10 $1,117,030 138 $3,481,532
 Minnesota 11 $1,722,000 337 $22,453,190
 Missouri 7 $1,062,000 246 $5,819,785
 North Dakota 5 $1,246,000 181 $8,518,474
 South Dakota 4 $738,700 133 $2,549,582
 Out of District 1 $20,200 5 $368,353
 Total 38 $5,906,630 1,040 $43,190,862


For more information about the Affordable Housing Program and the next competitive round, contact the Home Loan Bank at 800-544-3452, ext. 1173. Attached is a complete listing of recipients by state.

The Federal Home Loan Bank of Des Moines is a AAA-rated wholesale bank that provides low-cost short and long-term funding and community lending to nearly 1,100 stockholder commercial banks, saving institutions, credit unions and insurance companies. The Home Loan Bank enhances the competitiveness and financial strength of community-based financial institutions by ensuring they have adequate liquidity to meet the housing finance and community credit needs of neighborhoods across the nation.

1999 Affordable Housing Program Grant Recipients

Illinois (Missouri member received the grant)

Alton

Piasa Area Habitat for Humanity

Member: Mercantile Bank, N.A.

Sponsor: Piasa Area Habitat for Humanity

5 units of single family homeownership units

$20,200

Iowa

Atlantic

Cass County Housing Rehab Program

Member: Rolling Hills Bank & Trust

Sponsor: Cass Atlantic Development Corporation

20 single family homeownership units

$300,000

Dubuque

Maria House

Member: Dubuque Bank and Trust Co.

Sponsor: Opening Doors

18 multi-family rental units

$291,500

Iowa City

Successful Living Supportive Housing Project

Member: Hills Bank and Trust Company

Sponsor: Successful Living

20 multi-family rental units

$104,000

Oxford Junction

Oxford Junction Housing Rehab Program

Member: Citizens State Bank

Sponsor: City of Oxford Junction

5 single family homeownership units

$15,000

Pella

Brookview Acres

Member: Iowa State Savings Bank

Co-sponsor: Habitat for Humanity of Marion County

3 single family homeownership units

$96,600

Sibley

Sibley Senior Citizen Housing

Member: Northwest Federal Savings Bank

22 multi-family rental units

$131,230

Stanwood

Stanwood Housing Rehab Housing Program

Member: Community State Bank

Sponsor: City of Stanwood

5 single family homeownership units

$15,000

Wyoming

Wyoming Housing Rehab Program

Member: Citizens State Bank

Sponsor: City of Wyoming

5 single family homeownership units

$15,000

Various Sites

Hope Haven Rehabilitation

Member: Peoples Bank

Sponsor: Hope Haven Inc.

15 single family rental units

$48,700

Region XII COG Homeownership Assistance Program

Member: Iowa Savings Bank

Sponsor: Region XII Council of Governments

25 single family homeownership units

$100,000

Minnesota

Heron Lake

City of Heron Lake Housing Rehab

Member: Community First National Bank

Sponsor: Southwest Minnesota Housing Partnership

18 single family homeownership units

$72,000

Mankato

House of Hope

Member: Norwest Bank Minnesota, NA

Sponsor: House of Hope

26 multi-family rental units

$240,000

Marshall

City of Marshall Housing Rehab

Member: Community First National Bank

Sponsor: Southwest Minnesota Housing Partnership

8 single family homeownership units

$32,000

Minneapolis

251 Portland Avenue South

Member: Western Bank

Sponsor: People Serving People, Inc.

99 multi-family rental units

$499,000

Mountain Lake

City of Mountain Lake Housing Rehab

Member: United Prairie Bank

Sponsor: Southwest Minnesota Housing Partnership

18 single family homeownership units

$72,000

Okabena

City of Okabena Housing Rehab

Member: United Prairie Bank

Sponsor: Southwest Minnesota Housing Partnership

21 single family homeownership units

$84,000

Pipestone

City of Pipestone Housing Rehab

Member: The First National Bank and Trust

Sponsor: Southwest Minnesota Housing Partnership

18 single family homeownership units

$72,000

Round Lake

City of Round Lake Housing Rehab

Member: United Prairie Bank

Sponsor: Southwest Minnesota Housing Partnership

15 single family homeownership units

$60,000

Woodstock

City of Woodstock Housing Rehab

Member: The First National Bank and Trust

Sponsor: Southwest Minnesota Housing Partnership

12 single family homeownership units

$48,000

Various Sites

Chippewa Housing Rehabilitation

Member: Minnwest Bank Central

Sponsor: Southwest Minnesota Housing Partnership

12 single family homeownership units

$48,000

Habitat for Humanity of Minnesota

Member: Bremer Bank, National Association

Sponsor: Habitat for Humanity of Minnesota

90 single family homeownership units

$495,000

Missouri

Bowling Green

Housing Preservation

Member: Bank of Cairo and Moberly

Sponsor: North East Community Action Corporation

100 single family homeownership units

$300,000

Cape Girardeau

Southeast Neighborhood Restoration

Member: Wood & Huston Bank

Sponsor: City of Cape Girardeau

30 single family homeownership units

$150,000

Marshall

Habitat for Humanity - Owens Home

Member: Wood & Huston Bank

Sponsor: Habitat for Humanity of Saline County

1 single family homeownership unit

$10,000

Kansas City

Benilde Hall Transitional Living

Member: Mercantile Bank, N.A.

Sponsor: Benilde Hall, Inc.

46 multi-family rental units

$300,000

Richland

Missouri Ozarks Community Action

Member: Bank of Crocker

Sponsor: Missouri Ozarks Community Action

4 single family rental units

$100,000

St. Louis

Firstar/Petersen AHP Partnership

Member: Mercantile Bank, N.A.

Sponsor: Justine Petersen Housing and Redevelopment Corp.

59 single family homeownership units

$147,500

Sikeston

Fresh Start Transitional Housing

Member: Montgomery First National Bank

Sponsor: Delta Area Economic Opportunity Corp.

6 single family rental units

$55,200

North Dakota

Bismarck

Crescent Manor

Member: Norwest Bank North Dakota

Sponsor: Burleigh County Housing Authority

119 multi-family rental units

$499,000

Bismarck/Mandan

Christmas in April

Member: Bank Center First

Sponsor: Christmas in April

4 single family homeownership units

$10,000

Fort Totten

Relocation of Duplex Units

Member: Western State Bank

Sponsor: Spirit Lake Sioux Tribe

28 single family rental units

$462,000

Fort Totten

Spirit Lake Rehabilitation

Member: Western State Bank

Sponsor: Spirit Lake Sioux Tribe

15 single family homeownership units

$50,000

Various Sites

Churchs Ferry Homebuyer Assistance

Member: United Community Bank of ND

Sponsor: Dakota Prairie Community Action Agency

15 single family homeownership units

$225,000

South Dakota

Sioux Falls

Prairie Freedom Center

Member: Home Federal Savings Bank

Sponsor: Prairie Freedom Center for Independent Living

10 single family homeownership units

$100,000

Sisseton

AHP Rehab

Member: Marquette Bank of SD, N.A.

Sponsor: Northeast South Dakota Community Action Program

25 single family homeownership units

$99,000

Wagner

Krismar Villa Apartments

Member: Security National Bank of Sioux City

Sponsor: Lutheran Social Services

22 multi-family rental units

$59,700

Various Sites

TC Rental Rehabilitation Project

Member: Norwest Bank South Dakota

Sponsor: Rosebud Housing Authority

76 single family rental units

$480,000
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