Congresswoman Betty McCollum (D-MN) today announced $250,000 will be distributed by Bremer Bank in the Minneapolis and St. Paul area to assist low-income homebuyers. These funds are part of the Urban First-time Homebuyer Fund of the Federal Home Loan Bank of Des Moines. These dollars are part of more than $123 million in funding that Bremer has received from FHLB Des Moines during its long-term partnership. The Urban First-time Homebuyer Fund program supports efforts to provide permanent housing to families and individuals in communities with a population of 25,000 or more. The grants can be used to provide down payment assistance, closing costs, counseling or rehabilitation assistance to households purchasing owner-occupied units in urban communities. Eligible households are at or below 80 percent of the area median income in urban communities.
“I congratulate Bremer Bank for their extensive work to assist families and individuals who might not otherwise have the opportunity of home ownership. Federal Home Loan Bank of Des Moines should also be commended for updating their programs to emphasize the increased incentives for those making a purchase of a foreclosed property. Improving communities directly impacted by foreclosure will increase property values of vacant homes and those surrounding it and revitalize blighted neighborhoods,” Congresswoman McCollum said.