Financial Institutions Partner to Grant Nearly $4.5 Million to Idaho Nonprofits Supporting Affordable Housing, Community Development
Nearly $4.5 million has been awarded to numerous nonprofit and government agencies across Idaho to support affordable housing and community development needs. Individuals and communities will benefit from these grants via job training, down payment assistance, financial literacy, food banks, youth programs and so much more.
This state-wide outreach is available through the Federal Home Loan Bank of Des Moines (FHLB Des Moines), who has partnered with 29 member financial institutions. The Member Impact Fund (MIF) is a matching grant program designed to offer financial support for affordable housing and community development initiatives in targeted areas of the FHLB Des Moines district. The fund, which totals $15 million, is a nearly $3-to-$1 match of member donations. The program was available to member financial institutions to support eligible organizations located in Hawaii, Idaho, Utah, Wyoming and the U.S. territories of Guam, American Samoa and the Commonwealth of the Northern Mariana Islands.
First Interstate Bank received nearly $400,000 from the MIF and contributed more than $130,000 in additional donations to assist 35 nonprofit organizations in Idaho and Wyoming. First Interstate Director of Community Responsibility and Foundation Executive Director Amberly Pahut is thrilled with the positive impact First Interstate Bank was able to make supporting 16 Idaho organizations. "The Member Impact Fund allowed us to amplify First Interstate's efforts through philanthropy. This special program created a larger impact for our partner nonprofits." She continues, "We are committed to financially supporting and reinvesting in the places we call home through community partnerships and philanthropy. We are only as strong as the communities we serve."
CDA Backpack Program is one of the organizations to receive a MIF grant through First Interstate Bank. "We are incredibly appreciative of First Interstate Bank and FHLB Des Moines's generosity and support," said Sarah Bradbury, director of CDA Backpack Program. "This donation helps us to further our mission of providing supplemental food for weekends and holiday vacations to students in the Coeur d'Alene school district whose families may be facing financial hardships. We're thankful to have dedicated partners like First Interstate and FHLB Des Moines working with us to support and strengthen our community."
The Greater Idaho Falls Police Foundation also received MIF grants totaling nearly $70,000. Three FHLB Des Moines member financial institutions ? DL Evans, Glacier Bank and The Bank of Commerce ? selected the Foundation, which provides local law enforcement with an extra measure of support and other resources that better protect the community. The MIF will assist the newly launched pilot program that supports local law enforcement and their families by providing funds to aid in the purchase of a home. Funds are directed to low- and moderate-income households and will be used for homebuyer education. The fund will provide down payment assistance grants in the amount of $6,500 for each qualifying officer.
According to Carlin McDaniel, the Foundation's treasurer, "We are so grateful for the generous support of DL Evans, Glacier Bank, The Bank of Commerce and FHLB Des Moines. Your support allowed us to launch the program in July. We hope to continue this program well into the future and garner the support of additional partner banks in the Idaho Falls area."
Overall DL Evans received more than $406,000 from the MIF and contributed more than $174,000 in additional donations to support 12 nonprofit organizations, 10 of which are located in Idaho. DL Evans Chief Financial Officer Curtis Smith says, "The Member Impact Fund was extremely substantial and meaningful. We were able to have a greater impact on the community because of the fund." He continues, "Our relationship with FHLB Des Moines is one of the most important relationships in our entire bank. It is absolutely critical to all stakeholders including clients, communities, families, employees and the broader operation of the economy."
The MIF is part of FHLB Des Moines' ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, President and CEO of FHLB Des Moines, shares, "We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way."
Learn more about the Member Impact Fund at www.fhlbdm.com/products-services/affordable-housing/member-impact-fund.
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. FHLB Des Moines provides funding solutions and liquidity to more than 1,200 financial institutions across its district to support mortgage lending, economic development and affordable housing in the communities served by its member financial institutions. 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 Des Moines Bank is wholly owned by its members and receives no taxpayer funding.
About First Interstate Bank
First Interstate is a community bank headquartered in Billings, Montana, delivering best-in-class banking and Wealth Management services through more than 300 offices across Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming.
About DL Evans
DL Evans Bank is a retail bank headquartered in Burley, Idaho. It operates 38 branches in southern Idaho and northern Utah.
About CDA Backpack Country Inc.
The Coeur d'Alene backpack program, which was created through Feeding America in 2010, provides weekend and holiday break meals for more than 550 students per week.
About Greater Idaho Falls Police Foundation
The Greater Idaho Falls Police Foundation helps to fund many programs and initiatives as well as provide training and equipment for community safety and crime prevention efforts in southeast Idaho.
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