Iowa Congressman David Young was in Atlantic this (Wednesday) morning, along with members of the Southwest Iowa Housing Trust Fund (SWIHTF), Federal Home Loan Bank (FLHB) in Des Moines and other dignitaries, to present checks totaling $532,000 to officials with the Houghton State Bank in Red Oak and MidStates Bank, to assist near 100 residents in Red Oak and others in an eight-county region, in making vital home repairs. The monies are in the form of Federal Home Loan Bank grants.
Chris Grimm, member of the FHLB Board of Directors, said he was pleased to be a part of the process of helping low-income persons in making repairs to their homes and give them pride in ownership. He said the highly effective partnership with its member financial institutions, more than $2.8-million dollars has been received in Strong Community Fund Grants that have enabled 458 families to be assisted in making home repairs. Since the 1st affordable housing program awards were made 25-years, well over 250-million dollars, of which Iowa has received $52.7-million.
Those grants to Iowa, he says, have been “Used to support more than 13,000 families and almost one-half billion dollars in total development costs that translates to jobs in the construction industry, as well as the economic impact of the increased stability of families served by the grants.” Grimm, and Congressman Young, who is on the U-S House Appropriations Subcommittee, stressed that funds for the grant program do not come from taxpayer dollars.
Congressman David Young (R-IA)
Young said the money comes from Iowans “Who recognize the value and strength of our rural communities, and the impact that just caring for one another and investing in our local communities can have.”
The first award was for $420,000 to repair 75 owner occupied homes throughout the eight-county region. It was presented to representatives with Midstates Bank and SWIHTF. The second award was to the Southwest Iowa Housing Trust Fund, the City of Red Oak, and Houghton State Bank. The $112,000 grant will be used to repair 20 homes. The repair program is a continuation of previous housing repair projects funded by Houghton State Bank, Midstates Bank and FHLB in Des Moines.
Conditions of the grant include an owner-occupied home; repairs must be for the health, safety, or energy efficiency, and the homeowner at or below the 50% county median income guidelines. The funding is a five year forgivable loan with an average of $5,000 spent per home. The SWIHTF awards are two out of eight within the state of Iowa, and accounts for 32% of the $1.64 million granted. The grants were made through FHLB Des Moines members Houghton State Bank and Midstates Bank.