News Column

North East Community Action Corporation Celebrates $500,000 in Housing Grants

February 21, 2014

BOWLING GREEN, Mo., Feb. 21 -- The Federal Home Loan Bank of Des Moines, a district bank in the Federal Home Loan Bank System, issued the following news release:

North East Community Action Corporation (NECAC) celebrated the announcement of a $500,000 home rehabilitation program on Friday, February 21. The funds, awarded through Federal Home Loan Bank of Des Moines (FHLB Des Moines) Strong Communities Fund (SCF), will assist more than 100 elderly, disabled and low-income homeowners in St. Charles County with essential home repairs.

Since the inception of its affordable housing program in 1990, FHLB Des Moines has awarded $57.7 million for housing in Missouri through partnerships with its member financial instutions. NECAC has benefitted from $5.3 million in grants, providing safe and affordable housing for over 1,200 homeowners.

"We are very honored and very proud to receive this recognition," said NECAC President and Chief Executive Officer Don Patrick. "This is a great program that has a tremendous impact for our neighbors in need and our local economies. Nothing makes communities stronger than to see people invest in the value of their homes."

Peoples Bank & Trust Company supported the $500,000 grant announced on Friday. Also contributing to the $5 million milestone through previous grants were American Bank of Missouri, Bank of Cairo and Moberly, Community State Bank of Missouri, HNB National Bank, Macon-Atlanta State Bank, Paris National Bank, and United State Bank.

Each year, FHLB Des Moines returns 10 percent of its net income to communities throughout its district. As part of FHLB Des Moines Strong Communities Fund, the 2013 Competitive Affordable Housing Program awarded nearly $14 million to help create 1,500 homes across the Midwest.

"Through these grants, our members and non-profit partners are able to bring stability to the lives of the recipient families and individuals and strengthen the communities that they live in," said Richard Swanson, president and chief executive officer, FHLB Des Moines. "Their needs are met through the work of local lenders who partner with FHLB Des Moines to provide these important dollars without taxpayer funding."

Strong Communities Fund dollars are an important form of gap funding for a variety of projects as the grants are often combined with other federal and local dollars.

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Source: Targeted News Service

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