Congressman Heck and Federal Home Loan Bank Celebrate Record Amount of Grant Money Awarded to 22 Affordable Housing Projects in Washington

Statement

Today the Federal Home Loan Bank of Des Moines and Congressman Denny Heck (D-Wash.) celebrated the delivery of 22 competitive grant awards totaling $12,472,000 for the Affordable Housing Program in Washington state, the most ever awarded in a single year.

The awards to 18 different housing partners range from $70,000 to $750,000 and will go towards providing housing for low-income families, seniors, persons with disabilities, homeless and at-risk youth in Washington. The grants support both rental and home ownership projects in 11 Washington counties.

"When the Federal Home Loan Bank of Des Moines merged with Federal Home Loan Bank of Seattle in 2015, I asked that they continue to pay close attention to worthy affordable housing programs in our state where the need was growing," Congressman Heck said. Two projects in Congressman Heck's district from the Foundation for the Challenged and Catholic Housing Services of Western Washington received grants. "Our state is under severe housing stress, with too few options for low-income and middle-income households. This record amount of support from the Federal Home Loan Bank demonstrates that much needed assistance can come from many places. These efforts can make a direct difference in the lives of many Washingtonians."

"Through these grants, our members and non-profit partners are providing families and individuals in need with affordable housing opportunities," said Mike Wilson, president and CEO, FHLB Des Moines. "That housing, in turn, lends strength to communities in the state of Washington and beyond. These housing needs are met through the work of local lenders who partner with FHLB Des Moines to provide these important dollars without taxpayer funding."

FHLB Des Moines also contributed more than $813,000 to assist Washington families with down payment and closing cost expenses through its Home$tart®, Home$tart Plus and Native American Homeownership Initiative programs to help families realize their dream of homeownership.

FHLB Des Moines provides $110 billion in funding to their state partners to support mortgage lending, economic development and affordable housing in the communities they serve. FHLB Des Moines returns 10 percent of its net income annually to assist housing needs in the 13 states and three U.S. Pacific territories that encompass its district. FHLB's grant program has provided $94 million for the Affordable Housing Program in Washington state, which has supported 14,780 families in the region.

Heck is a co-chair of the New Democrat Coalition Housing Task Force, which released its preliminary findings in June. The report found that the U.S. is missing millions of homes. Heck is also a member of the House Financial Services Committee, which includes jurisdiction of public and private housing, and urban development.

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