Stockman Bank and FHLB Awards $920,000

STOCKMAN BANK, IN PARTNERSHIP WITH FHLB DES MOINES, AWARDS $920,000 DOLLARS IN AFFORDABLE HOUSING PROGRAM GRANTS TO 11 MONTANA ORGANIZATIONS

(March 28, 2024) – Stockman Bank, a member of the Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that 11 Montana organizations were chosen to receive Competitive Affordable Housing Program (AHP) grants totaling $920,000 dollars, to help Montana families find a safe and affordable place to call home. The grants were made possible through FHLB De Moines’ Member Impact Fund. Through the Fund, money donated by Stockman Bank was matched by FHLB Des Moines, up to three dollars for every dollar provided, resulting in the following grants:     

Organizations Receiving Grants  Grant 
Blackfeet Housing Authority   $80,000    
Chippewa Cree Housing Authority      $80,000
Community Action Partnership of Northwest Montana$80,000
Great Falls Development Authority, Inc.  $80,000
Habitat for Humanity Mid-Yellowstone Valley  $100,000
Homeword $80,000
 Little Shell Tribe of Chippewa Indians of Montana$80,000
 NeighborWorks Montana$80,000 
 Gallatin County Housing Impact Fund     $100,000
 Richland County Housing Authority$80,000 
Snowy Mountain Development Corporation  $80,000 
                                  

“Montana is built on strong, vibrant, healthy communities, “ stated Bill Coffee, CEO of Stockman Bank. “As a Montana, family-owned, community bank, we believe quality, affordable homeownership is key to making our communities better places to live and work. We appreciate FHLB Des Moines collaborating with us to provide much needed funding to these 11 affordable housing and community development organizations.”

FHLB Des Moines returns 10 percent of its net income annually to assist with housing needs throughout its district, consisting of 13 states and three U.S. Pacific territories. This year, 60 projects totaling more than $46 million were awarded through the AHP. Five million dollars of the $46 million were voluntarily contributed. Additionally, FHLB Des Moines voluntarily donated another $20 million in 2023 to community development in targeted areas of its district.

For more than 90 years, FHLB Des Moines has invested in helping communities grow and prosper. We are proud to partner with our member financial institutions to fulfill that commitment,” said Kris Williams, President and CEO, FHLB Des Moines. “We are also happy to say that in 2023, we gave $25 million in an addition to 10 percent of our earnings back to our members to invest in their communities and the people they serve. Thanks to the vision and dedication of our members and local housing sponsors, we are able to have a direct and positive impact.

About Federal Home Loan Bank of 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. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.

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. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.