Greater Minnesota Housing Fund (GMHF), in partnership with the Federal Home Loan Bank of Des Moines (FHLB Des Moines), is proud to announce $1,000,000 in funding for housing organizations across Minnesota. Thanks to the $3-to-$1 match, GMHF is able to leverage a $250,000 investment with $750,000 in matching funds from FHLB Des Moines’ Member Impact Fund. These one-time grants will help further advance GMHF’s mission to create strong communities and support the development and preservation of quality affordable housing statewide.
“This grant program will help GMHF make additional strategic investments that directly respond to Minnesota’s most pressing housing needs,” said Andrea Brennan, GMHF’s CEO and President. “The matching funds, available because of our membership in the Federal Home Loan Bank of Des Moines, is a powerful example of how effective partnerships can drive meaningful progress in all 87 counties of our state.”
The grants will fund a variety of activities across the housing continuum, including capacity building for supportive housing providers, tenant advocacy services, predevelopment of affordable projects by emerging developers, and homeownership programs.
For example, the Corporation for Supportive Housing will work to drive the statewide implementation of the Supportive Housing Standards. The grant for HOME Line will guarantee that approximately 35,000 renters across Minnesota have access to free legal, organizing, educational, and advocacy services.
This funding will also support some predevelopment costs for the Mille Lacs Band of Ojibwe to convert a vacant hotel into affordable housing for seniors in central Minnesota, as well as for Northcountry Cooperative Foundation to assist emerging developers with planning for 55 units of manufactured housing in Saint Peter. In northern Minnesota, the Crookston Housing and Economic Development Authority will use the funds to secure architectural services for a planned 25-unit affordable townhome development on city-owned land.
In addition, a grant to the Minnesota Homeownership Center will directly aid those with the greatest barriers to homeownership, and funding for the Leech Lake Band of Ojibwe’s Housing Authority will assist with the process of converting aging-out low-income housing tax credit rental units for affordable homeownership.
“The Member Impact Fund continues to be a powerful resource in supporting our members as they expand access to affordable housing and drive community development,” said Kris Williams, president and CEO of FHLB Des Moines. “It’s inspiring to see the partnerships centered around improving local communities in such a variety of ways.”
About GMHF
Greater Minnesota Housing Fund (GMHF) is both a non-profit housing intermediary, charged with identifying and responding to gaps in the affordable housing “ecosystem”, and the State’s largest affordable housing-focused Certified Community Development Financial Institution (CDFI), charged with bringing low-cost capital solutions to help meet Minnesota’s affordable housing needs.
GMHF is committed to creating strong communities and affordable homes through strategic investments and effective partnerships. GMHF’s investments include directly funding affordable housing projects, providing technical support to local communities and businesses, linking projects with financial resources, securing additional resources for affordable housing, and using research and program development activities to identify new and innovative ways of increasing affordable housing production.
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. 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.
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