Member Impact program supports affordable housing and community development
Magnifi Financial Credit Union, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that the following organizations received a grant from the Member Impact Fund totaling $39,800. This matching grant program will result in FHLB Des Moines awarding $20 million in funding to support affordable housing and community development in Minnesota.
Grant recipients include:
- Anna Marie's Alliance: $10,800
- Stepping Stone Emergency Housing: $11,000
- CROSS Services: $18,000
“The impact of these contributions extends far beyond mere statistics, touching the lives of countless individuals who rely on the generosity of community-driven initiatives. FHLB Des Moines Impact Fund grants help organizations meet immediate needs and empower individuals to build brighter futures for themselves and their families.”
- Ross Bloomquist, Chief Experience Officer, Magnifi Financial
FHLB Des Moines provides funding solutions to more than 1,200 members to support mortgage lending, economic development, and affordable housing in the communities they serve. The Member Impact Fund provides FHLB Des Moines members up to $3 for every $1 in matching grant donations to strengthen the ability of not-for-profits or government entities to support the needs of their communities.
“The Member Impact Fund continues to be a powerful resource in supporting our members as they expand access to affordable housing and drive community development,” says Kris Williams, president and CEO of FHLB Des Moines. “It’s inspiring to see the partnerships centered around improving local communities in such a variety of ways.”
Recipient organizations were selected based on their need for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including job training, affordable housing, financial literacy, food banks, and youth programs.
This member matching grant program is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members.
Since its founding in 2023, the Member Impact Fund has supported affordable housing and community development with nearly $70 million in grants awarded by FHLB Des Moines. Member institutions apply and receive Member Impact Fund matching grants to be distributed to eligible organizations alongside their own grant contribution.
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.
About Magnifi Financial Credit Union
Magnifi Financial is a full-service community credit union offering retail and commercial deposits and loan products, mortgages, and wealth management services to anyone within its field of membership in Minnesota, North Dakota, and Wisconsin. Magnifi Financial serves members through an extensive network of branches and best-in-class digital services. Whether at home or on the go, members can access their accounts and manage funds with ease through a full suite of digital services.
Magnifi Financial invests in each member's personal financial needs and initiatives that enhance the lives of members and their communities through the Magnifi Financial Foundation. The Magnifi Financial Foundation® funds initiatives that make a significant long-term impact on the betterment of Magnifi Financial’s members and the communities they serve.
Magnifi is committed to its core values of building up our shared communities, providing financial solutions that are easy and simple, earning the trust and respect of each member through our expertise, and doing what is right for our entire membership.
