CORTRUST BANK PARTNERS WITH FEDERAL HOME LOAN BANK OF DES MOINES TO AWARD AFFORDABLE HOUSING PROGRA

Mitchell, SD – CorTrust Bank, member of the Federal Home Loan Bank of Des Moines (FHLB Des Moines), sponsored a competitive Affordable Housing Program (AHP) grant for Mitchell Area Housing Inc. (MAHI) in the amount of $340,000, which will help low-income families become homeowners.
At least 15 families and individuals will receive a zero percent down payment loan with no payments to allow them to afford a home. To qualify for the down payments, households need to be either 80% or 60% of the Area Median Income of Davison County.
The competitive AHP encourages collaboration between FHLB Des Moines member financial institutions and housing organizations, like MAHI, to create affordable housing opportunities for families in need. “Our members, like CorTrust Bank, are essential partners in advancing affordable housing throughout the FHLB Des Moines district,” said Kris Williams, President and CEO, FHLB Des Moines. “We’re not just financing homes – we’re building stronger, more resilient communities for the people who live and work in them. This is a shared commitment and a shared impact we’re proud to advance.”
In addition, CorTrust Bank and FHLB Des Moines awarded Mitchell Area Development Corporation a $35,000 grant from the Member Impact Fund. The Member Impact Fund is a matching grant program that will result in FHLB Des Moines awarding $12.9 million in funding to support affordable housing and community development in Alaska, South Dakota, Guam and the Commonwealth of the Northern Mariana Islands.
“CorTrust Bank is proud to partner with FHLB Des Moines to sponsor grants and contribute funds towards causes like MAHI and Mitchell Area Development Corporation. These organizations provide critical services to our
communities, and we’re thrilled to be working with them to support their efforts of making homeownership affordable and accessible,” said Nathan Smith, Western Area Market President of CorTrust Bank.
Terry Sabers, President of MAHI, shared, “MAHI was created in 2022 to assist low-income families with securing quality housing. Now we’re building homes in two new housing developments in Mitchell. These houses could be considered ‘starter’ homes at 1,000 to 1,200 sq. ft. and priced between $250,000 to $300,000. The only way low-income families will be able to afford a house is if they have little or no debt. By providing a down payment loan, MAHI will be able to help home buyers get into a house despite higher interest rates, the increased cost of house materials and rising property taxes.”
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About CorTrust Bank
Since 1930, CorTrust Bank has been serving the needs of individuals and businesses throughout 16 South Dakota communities, and 15 Minnesota communities, with 37 branch locations. What started as a small operation serving the needs of local farming families in Artesian, SD, has today grown into a fourth-generation family-owned community bank with $1.53 billion in assets, and $167 million in equity and reserves. CorTrust Bank – raise your expectations.
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. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.