Financial Institutions Partner to Grant Nearly $8.4 Million to Utah Nonprofits Supporting Affordable Housing, Community Development
Nearly $8.4 million has been awarded to numerous nonprofit and government agencies across Utah 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 27 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.
Bank of Utah, located in Ogden, received nearly $93,000 from the MIF and contributed more than $30,000 in additional donations to assist 12 Utah nonprofit organizations. Nathan L. DeFries, EVP, chief financial officer, says, “At Bank of Utah, we believe in contributing to the communities in which we serve. The MIF allowed us to increase our giving to benefit organizations across our entire state.” He continues, “We are thrilled to be associated with FHLB Des Moines and share their mission of making a positive impact in our communities.”
One of the organizations to receive a MIF grant through the Bank of Utah is EnableUtah. Because the participating member financial institutions selected the nonprofit organizations to receive the grants, some nonprofits, such as EnableUtah, received grants from multiple FHLB Des Moines members. EnableUtah received grants from two local financial institutions – Bank of Utah and TAB Bank – totaling more than $33,000.
EnableUtah, who serves more than 200 individuals each day, provides employment training and opportunities for adults with disabilities. The MIF grants will be used for training scholarships, skills development curriculum, expenses related to job placement in the community and daily living skills to promote independent living. According to Gavin Hutchinson, EnableUtah president, “We appreciate the funding provided to us, and we can be depended upon to use it wisely for the greater good of those with significant challenges.”
Another organization that benefited from collaboration of member financial institutions is YCC Family Crisis Center (YCC). Bank of Utah, Transportation Alliance Bank (TAB Bank) and America First Credit Union joined forces via the MIF to provide over $500,000 to assist YCC in reaching their goal to build the county’s only transitional housing facility for survivors of domestic violence and sexual assault allowing them to live in a safe and secure home and to help them on their journey to successfully find permanent places to live and become self-sufficient.
TAB Bank received more than $120,000 from the MIF, and with their contribution of more than $40,000, were able to have a significant impact on six Utah nonprofit organizations. Compliance/CRA Manager Kenneth King says, “TAB Bank could not have made as substantial an impact without the Member Impact Fund. The surprise and gratitude expressed by each recipient was tremendous – knowing they now will have funds to improve existing facilities and provide meaningful contributions of education, goods, and services to our shared community. Without supplemental funding from the Member Impact Fund, some badly needed services may not have been realized.”
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.