A grant totaling $15,000 was recently awarded to First National Bank by Federal Home Loan Bank of Des Moines. The grant is part of FHLB Des Moines Rural Homeownership Fund (RHF) which supports homeownership opportunities for families and individuals in rural communities.

Hardworking home buyers who can make a house payment with no difficulty sometimes cannot purchase a home because they do not have the funds required for upfront costs. This program provides an opportunity for qualified individuals and families to purchase homes by receiving funds to assist with the down payment, closing cost, counseling or rehabilitation of the property.

By participating in RHF, First National Bank will be able to distribute awards of up to $1,000 to each eligible homebuyer. “First National Bank is pleased to be participating in this program,” says Rich Carlson, President/CEO.  “It allows us to assist borrowers who qualify under the program to reduce the cost of homeownership.  It also supports our role as a community bank by providing growth in our rural communities.”

Since the creation of RHF in 1996, 6,110 grants totaling $20.6 million dollars have been awarded to support rural housing activity in five Midwest states. “These grants provide our member financial institutions the opportunity to help community members achieve their dream of homeownership. Homeownership not only brings stability to individuals and families but also to the neighborhoods and communities where they live,” said Gary Dodge, community investment director at FHLB Des Moines. 

“We really encourage home buyers and area realtors to make use of these grant funds,” says Christa Leary, Marketing Director at First National Bank.