Bremer Bank gets $100,000 to help new homebuyersA grant totaling $100,000 was recently awarded to Bremer Bank by Federal Home Loan Bank of Des Moines.
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 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.