Affordable Housing Advisory Council Annual Report 2007

Members also took advantage of FHLB Des Moines low-cost Community Investment Advance program. Year end 2007 totals indicated that 125 members received more than $267 million to provide for homeownership or rental needs while 97 member financial institutions received nearly $218 million to finance their economic development efforts. And, 127 members used $127 million in Rural Capital Advances. For the fourth consecutive year, five communities were selected as recipients of the Bank’s Capital Community Award. Communities are chosen that are different from one another and use vision, planning and teamwork to revitalize or sustain their local economies. The 2007 Capital Communities included: Decorah, Iowa; Mahnomen, Minnesota; Brookfield, Missouri; Ashley, North Dakota; and Platte, South Dakota. At a time when many homebuyers admitted they did not understand their mortgages, the Bank allocated $50,000 for homebuyer education. Five programs received $10,000 grants to boost their efforts at helping potential homeowners understand the terms of probably the largest purchase and investment they will ever make. The grants went to: Iowa Home Ownership Education Program (Iowa); Greater Minnesota Housing Fund and Mille Lacs Band of Ojibwe (Minnesota); Home Ownership Made Easier (Missouri); Coalition of Indian Housing Authorities (Nor th Dakota); and Oweesta (South Dakota). While FHLB Des Moines recognizes the importance of homeownership, our focus for the 2007 Affordable Housing Program (AHP) was on increasing awareness about the shortage of housing available for special populations. Over 94 percent of the AHP initiatives funded this year were rental projects of which the majority will provide housing and suppor tive ser vices to special needs populations. These projects positively impact communities by helping them implement their campaigns to end homelessness. In 2008, we anticipate funding a mix of homeownership and rental projects based on changes to the AHP scoring criteria. Additional points will be awarded to projects for sustainable green building, access to technology and providing housing for special populations. Also, projects that are located in the Bank’s five-state district, located in rural areas and Native American rental projects will receive additional points. With predictions for the bleak housing market extending into 2008, FHLB Des Moines will remain focused on its mission. Members are encouraged to utilize our Community Investment programs to support housing and economic development in their communities. These programs, offered by the Bank as a resource for members to use in meeting the needs of individuals and families throughout our district, are the catalysts that create the full circle connection between us, our members and the communities we ser ve. Zoe LeBeau Chair, 2007 Affordable Housing Advisory Council Senior Program Manager, Corporation for Supportive Housing Duluth, Minnesota 6

Table of Contents Feed for the Digital Edition of Affordable Housing Advisory Council Annual Report 2007

Affordable Housing Advisory Council Annual Report 2007 Contents A Letter From the Chair 2007 Affordable Housing Advisory Council Capital Community Highlight: Platte, SD Capital Communities Community Investment Programs Member Highlight: St. Joseph, MO Member Highlight: Des Moines, IA 2007 Grant Listing

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.