BISMARCK, N.D. – The Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has received a $5.1 million grant from the FHLB Des Moines Member Impact Fund. Included in the $5.1 million is a $1.28 million match funded from BND capital.
The grant funds will increase the impact of existing NDHFA-administered programs to ensure the availability of housing for low- to moderate-wage workers, the state’s aging population, individuals with disabilities and persons at-risk of homelessness.
“Affordable housing is a key component of economic development,” said members of the Industrial Commission in a joint statement. The Commission, comprised of Gov. Doug Burgum as chairman, Attorney General Drew Wrigley, and Agriculture Commissioner Doug Goehring, oversees NDHFA and BND. “It plays a critical role in attracting workforce talent and is one of the highest priorities of people moving to our state.”
FHLB Des Moines provides funding solutions and liquidity to more than 1,200 financial institution members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides $3 for every $1 of an eligible FHLB Des Moines member's grant donation to strengthen the ability of not-for-profits or government entities to serve the affordable housing or community development needs of their communities.
“The availability of affordable housing continues to be a long-standing challenge,” said Dave Flohr, NDHFA executive director. “Through addressing the housing needs of our most vulnerable residents, we strengthen and stabilize North Dakota communities.”
The Member Impact Fund is just one-way FHLB Des Moines enables its members to connect directly with local organizations who matter to them, creating value and a lasting impact in their own communities,” said Kris Williams, president and CEO of FHLB Des Moines. “The commitment of members like BND, and their connections to organizations like NDHFA help advance the positive work being done in North Dakota communities”.
“We were able to increase the impact of state dollars three-fold by providing the matching funds for the FHLB Member Impact Fund,” stated Todd Steinwand, BND president. “Rather than creating a new grant funding mechanism, it made good sense to partner with NDHFA so they could serve more people through their established programs.”
Award recipients were selected by FHLB based on the need for grant funding that will be used to strengthen an organization’s ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, expansion of program capacity, and working capital.
About FHLB Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.
FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.
About NDHFA
NDHFA is a self-supporting and mission-driven state agency dedicated to making housing affordable for all North Dakotans. The agency offers affordable home financing to low- to moderate-income families and helps to ensure the continued availability of suitable rental housing for households of modest means while focusing on the overall housing needs of the state’s growing communities.
About BND
The Bank’s mission “to support agriculture, commerce and industry” has not changed since its earliest days in 1919. The Bank of North Dakota is the only state-owned bank in the nation.
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