Jefferson City area gets nearly $1 million to improve affordable housing
JEFFERSON CITY - The Federal Home Loan Bank of Des Moines (FHLBanks) awarded Jefferson City $910,000 to Greenway Village, Inc. and Dulle Towers Wednesday afternoon to help build and repair affordable housing.
FHLBanks makes money available for banks and financial institutions to be able to distribute home loans.
Through the FHLBanks Affordable Housing Program, it takes some of its profits and awards grants for affordable housing in 13 states.
In the state of Missouri, the program has already given out $74.1 million to support more than 15,000 families as they move into new or repaired homes.
"We're excited about the opportunity," said Rep. Blaine Luetkemeyer, R-Missouri. "For these two projects to go through this process and get the funds to be able then to help the residents of these two facilities to improve lives."
Luetkemeyer gave the keynote address at the ceremony, which awarded the checks to Greenway Village and Dulle Towers.
"Non-profit partners will work with our members to complete an application process in the spring of each year." said Daniel Clute, Executive Vice President of FHLBanks Des Moines. "We gave out $51 million last year."
Clute says there are 1,400 members spread across 13 states. These members include banks, credit unions and thrifts. The members help non-profits complete the necessary paperwork to apply for the affordable housing grants.
FHLBanks Affordable Housing Program was created after Congress passed the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which requires the federal home bank system to dedicate 10% of its earnings to affordable housing programs.