Federal Home Loan Banks

Council of Federal Home Loan Banks Applauds GAO Report Findings

Retrieved on: 
Monday, April 8, 2024
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WASHINGTON, April 08, 2024 (GLOBE NEWSWIRE) -- The Council of Federal Home Loan Banks, the public voice of the Federal Home Loan Bank System (FHLBank System), today applauded the findings of a recently published report from the Government Accountability Office (GAO) on the actions of the FHLBanks during the spring 2023 bank failures that disrupted financial markets.

Key Points: 
  • WASHINGTON, April 08, 2024 (GLOBE NEWSWIRE) -- The Council of Federal Home Loan Banks, the public voice of the Federal Home Loan Bank System (FHLBank System), today applauded the findings of a recently published report from the Government Accountability Office (GAO) on the actions of the FHLBanks during the spring 2023 bank failures that disrupted financial markets.
  • Additional highlights from the GAO report include:
    Federal financial regulators did not identify FHLBank advances as a factor of concern in any of the three banks’ safety and soundness.
  • Starting on March 9, 2023, the FHLBanks and the Federal Reserve Banks of New York and San Francisco made several efforts, in accordance with their policies and procedures, to help the failing banks pledge collateral to obtain liquidity from the Federal Reserve Banks.
  • It is also worth noting that the GAO report affirms that advances provided to the failed banks had a very limited, if any, direct impact on the Deposit Insurance Fund.”

Southeastern Bank and Federal Home Loan Bank of Atlanta Award $270,000 Grant to Support Temporary Housing for Homeless Veterans

Retrieved on: 
Wednesday, March 27, 2024
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DARIEN, Ga., March 27, 2024 (GLOBE NEWSWIRE) -- Southeastern Bank and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that a $270,000 grant has been awarded to Golden Isles Veterans Village, a development of 30 tiny homes and a community center for homeless veterans in Brunswick, Georgia.

Key Points: 
  • DARIEN, Ga., March 27, 2024 (GLOBE NEWSWIRE) -- Southeastern Bank and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that a $270,000 grant has been awarded to Golden Isles Veterans Village, a development of 30 tiny homes and a community center for homeless veterans in Brunswick, Georgia.
  • The funds from FHLBank Atlanta’s Multifamily Housing Bridge Fund (Bridge Fund) were awarded to Golden Isles Veterans Village through Southeastern Bank, which is a member of FHLBank Atlanta.
  • “Southeastern Bank has a long history of serving our communities beyond our financial products and services,” said Jay Torbert, CEO of Southeastern Bank.
  • Golden Isles Veterans Village is among 28 projects that received funding from FHLBank Atlanta through member banks like Southeastern Bank, which applied for Bridge Fund grants to support their communities.

FHLBank Pittsburgh, Rep. Lisa Blunt Rochester, Delaware Officials Join in Announcing Affordable Housing Awards in Harrington and $66.7 Million in Newly Available Affordable Housing Funding

Retrieved on: 
Thursday, April 4, 2024
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at a ceremony to announce two affordable housing grants totaling $1.5 million from FHLBank and their member financial institutions.

Key Points: 
  • at a ceremony to announce two affordable housing grants totaling $1.5 million from FHLBank and their member financial institutions.
  • A second grant of $750,000 was presented to West End Neighborhood House from FHLBank and Community Bank Delaware.
  • The event also highlighted $114.2 million new funding opportunities, including $66.7 million for additional affordable housing, through FHLBank member institutions including:
    “I was so glad to be in Harrington, Delaware, to announce new investments in safe, stable, and affordable housing.
  • Affordable housing is the foundation for safe and prosperous communities, and in Delaware, we know too well how we need to increase our affordable housing supply,” said Rep. Blunt Rochester (D-Del.).

Federal Home Loan Bank of Des Moines awards nearly $20 million to support communities through the Member Impact Fund

Retrieved on: 
Tuesday, April 2, 2024
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The Federal Home Loan Bank of Des Moines (FHLB Des Moines) joined efforts with 94 financial institution members to provide nearly $20 million to hundreds of non-profit and government organizations.

Key Points: 
  • The Federal Home Loan Bank of Des Moines (FHLB Des Moines) joined efforts with 94 financial institution members to provide nearly $20 million to hundreds of non-profit and government organizations.
  • The Member Impact Fund is one way FHLB Des Moines supports a strong community banking system, which is foundational to a thriving community.
  • The more than 500 grants combining both member institutions and FHLB Des Moines awards range from $10,000 to $5.13 million, bringing the total awarded to more than $26 million.
  • U.S territories: $20,000 was awarded to each U.S. territory
    FHLB Des Moines created the Member Impact Fund in 2023 to provide support and funding to targeted communities within its district.

AM Best Removes From Under Review With Developing Implications, Affirms Credit Ratings of Certain Curi Insurance Group Members

Retrieved on: 
Thursday, March 28, 2024
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AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) of certain members of Curi Insurance Group (Curi).

Key Points: 
  • AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) of certain members of Curi Insurance Group (Curi).
  • These ratings were previously placed under review with developing implications in February 2023, following the announcement that Curi Holdings, Inc. and Constellation, Inc. (Constellation) had entered a definitive merger agreement.
  • Following the merger, the subsidiary members that comprised Constellation Insurance Group and Curi Holdings Group are now viewed as one AM Best rating unit, Curi Insurance Group.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

Federal Home Loan Bank of Dallas and Wells Fargo Bank Award $850K for Rio Manor Apartments Renovation

Retrieved on: 
Thursday, March 28, 2024
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Prospera Housing Community Services (Prospera) was awarded an $850,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member Wells Fargo, to help fund the renovation of Rio Manor Apartments, a 60-unit multifamily apartment community in Del Rio, Texas.

Key Points: 
  • Prospera Housing Community Services (Prospera) was awarded an $850,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member Wells Fargo, to help fund the renovation of Rio Manor Apartments, a 60-unit multifamily apartment community in Del Rio, Texas.
  • View the full release here: https://www.businesswire.com/news/home/20240328255708/en/
    Representatives from organizations involved in the project break ground for Rio Manor Apartments additions in Del Rio, Texas.
  • “Wells Fargo is proud and honored to be the construction lender on this impactful project.”
    In 2023, FHLB Dallas awarded $28.4 million in AHP grants to 43 affordable housing projects.
  • “It’s great to see the AHP funds used toward a renovation that will help Del Rio residents live affordably and comfortably.”

Federal Home Loan Bank of Dallas and Wells Fargo Bank Award $750K to CC Housing for Senior Affordable Housing Development

Retrieved on: 
Wednesday, March 27, 2024
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FHLB Dallas awarded a $750,000 Affordable Housing Program (AHP) grant through member Wells Fargo to CC Housing to assist with construction.

Key Points: 
  • FHLB Dallas awarded a $750,000 Affordable Housing Program (AHP) grant through member Wells Fargo to CC Housing to assist with construction.
  • (Photo: Business Wire)
    CC Housing, a housing nonprofit organization based in Albuquerque, New Mexico, provides affordable housing options to low-income and special-needs families and individuals across New Mexico.
  • AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals.
  • “Wells Fargo has been instrumental in affordable housing developments in areas that need it most,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.

Increased Funding Through $39 Million Downpayment Plus® Grant Programs Provide Affordability Opportunities for More Illinois and Wisconsin Home Buyers

Retrieved on: 
Tuesday, March 26, 2024
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FHLBank Chicago’s 2024 DPP programs budget is more than $39 million and the new per member limit represents a nearly 43% increase over the 2023 limit of $700,000.

Key Points: 
  • FHLBank Chicago’s 2024 DPP programs budget is more than $39 million and the new per member limit represents a nearly 43% increase over the 2023 limit of $700,000.
  • Member banks, credit unions and community development financial institutions use the DPP programs to provide year-round down payment grant assistance to qualified home buyers in Illinois and Wisconsin.
  • View the full release here: https://www.businesswire.com/news/home/20240326807520/en/
    The 2024 member limit increase is the latest in a series of program enhancements to provide more resources to home buyers through member financial institutions.
  • In 2023 alone, DPP grants totaling over $33 million supported affordable homeownership for more than 3,500 households.

Media Advisory: Federal Home Loan Bank of Dallas and Wells Fargo Bank Award $1.5M for Senior Housing

Retrieved on: 
Wednesday, March 20, 2024
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The Federal Home Loan Bank of Dallas (FHLB Dallas) will join Wells Fargo Bank (Wells Fargo) tomorrow at a groundbreaking ceremony for Felician Village II, a three-story, 66-unit housing development for those 55 and older.

Key Points: 
  • The Federal Home Loan Bank of Dallas (FHLB Dallas) will join Wells Fargo Bank (Wells Fargo) tomorrow at a groundbreaking ceremony for Felician Village II, a three-story, 66-unit housing development for those 55 and older.
  • FHLB Dallas awarded the project a $1.5 million in Affordable Housing Program (AHP) grant to be used for construction.
  • The funds, which were awarded through FHLB Dallas member, Wells Fargo, are part of $28.4 million in AHP grants provided by FHLB Dallas through its member financial institutions in 2023.
  • The media is encouraged to attend the groundbreaking ceremony at Felician Village, which will include representatives from the City of Rio Rancho, FHLB Dallas and CC Housing, a division of Catholic Charities.

$1 Million to Benefit Red Lake Reservation Housing Authority Through Federal Home Loan Bank of Des Moines’ Affordable Housing Program

Retrieved on: 
Wednesday, March 20, 2024
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The Federal Home Loan Bank of Des Moines (FHLB Des Moines) partnered with its member First National Bank Bemidji to award Red Lake Reservation Housing Authority (RLRHA) a $1 million grant to support the construction of nearly 30 new three-bedroom single-family units on the Red Lake Reservation in Minnesota.

Key Points: 
  • The Federal Home Loan Bank of Des Moines (FHLB Des Moines) partnered with its member First National Bank Bemidji to award Red Lake Reservation Housing Authority (RLRHA) a $1 million grant to support the construction of nearly 30 new three-bedroom single-family units on the Red Lake Reservation in Minnesota.
  • View the full release here: https://www.businesswire.com/news/home/20240320834034/en/
    The Federal Home Loan Bank of Des Moines partnered with its member First National Bank Bemidji to award Red Lake Reservation Housing Authority a $1 million grant to support new housing on the Red Lake Reservation in Minnesota.
  • (Photo: Business Wire)
    Red Lake Reservation is owned and occupied entirely by members of the Red Lake Band of Chippewa Indians — the only such reservation in Minnesota.
  • The proposed project units will be located in four communities on the Red Lake Reservation: Red Lake, Little Rock, Redby and Ponemah.