$1.2 Million in Affordable Housing Grants for South Dakota Communities
Senator Mike Rounds joined five local organizations in Brookings on August 10 to present over $1.2 million in affordable housing grants awarded through the Federal Home Loan Bank of Des Moines (FHLB Des Moines) Strong Communities Fund. The grants will fund more than 60 affordable housing units throughout the state of South Dakota.
“Everyone deserves a place to call home and the Strong Communities Fund, in conjunction with these and other South Dakota organizations makes affordable homeownership and rentals possible for thousands of South Dakotans,” said Senator Rounds. “I am pleased to recognize the public-private partnerships that have successfully brought affordable housing, new businesses and long-term stability to South Dakota communities throughout the years.”
Through partnerships with member financial institutions and community partners, FHLB Des Moines awarded:
- $240,000 to ADVANCE through First Bank & Trust
- $500,000 to Sisseton Wahpeton Housing Authority through Dacotah Bank
- $480,000 to Dakota Nation Housing Development Corporation through Dacotah Bank
Each year, FHLB Des Moines returns 10 percent of its net income to communities throughout its district. As part of the FHLB Des Moines Strong Communities Fund, the 2015 Competitive Affordable Housing Program awarded more than $19 million to help create over 2,300 homes across the Bank’s district, consisting of 13 states and three U.S. Pacific territories.
Since the inception of its Competitive Affordable Housing Program in 1990, FHLB Des Moines has awarded $33.9 million for housing in South Dakota to assist more than 6,000 homeowners.
“Through these grants, our members and non-profit partners are providing families and individuals in need with stable, affordable housing,” said Mike Wilson, president and CEO, FHLB Des Moines. “That housing, in turn, lends strength to the communities in which they live. These housing needs are met through the work of local lenders who partner with FHLB Des Moines to provide these important dollars without taxpayer funding.”
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.