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Communities around the U.S. are grappling with the high cost of housing coupled with the limited stock of affordable housing units.
Tackling this challenge in a meaningful way requires collaboration among financial institutions, housing organizations, government entities, and others. As a member of FHLB Des Moines, First Interstate has an opportunity to join that collaborative effort by actively seeking Affordable Housing Program (AHP) budget for projects in the communities it serves. This year, First Interstate was successful in securing funding for five projects across Montana and Wyoming, garnering $4.75 million in total for projects representing 235 units of affordable housing.
In Montana, First Interstate was instrumental in winning two grants of $1 million each. One grant will benefit the Apsaalooke Nation Housing Authority in Crow Agency. These funds will defray the nearly $6.3 million project costs of rehabilitating 23 single-family units in the area. The second grant will enable Montana Rescue Mission to move closer to making its Unified Campus in Billings a reality. This project seeks to end homelessness by providing temporary and permanent housing, along with wrap-around care services, on a site with 119 units.
In Wyoming, $2.75 million in AHP grant dollars are being channeled to Volunteers of America Northern Rockies for three distinct projects. In Cheyenne, $1 million will support a Residential Services project with 58 units, and $950,000 will help address 19 units in the organization’s Harmony House program. Finally, $800,000 is being allocated to the Independent Living program in Sheridan, representing another 16 units.
The five First Interstate-sponsored projects received more than 10% of the total $46 million in grant money awarded by FHLB Des Moines in this funding round. In total, FHLB Des Moines offered AHP support to 60 programs, sharing life-changing resources for new construction and for rehabilitation of affordable housing units. As an FHLBank, FHLB Des Moines has an AHP that is funded by at least 10% of its earnings, and member institutions, like First Interstate, can help key partners access those funds to create more healthy and vibrant communities.