$1.4 million to help fund affordable housing projects from Brigham City to Green River
Salt Lake City— A collaborative effort between Zions Bank and community housing providers will create affordable housing opportunities for more than 100 low-income families and individuals from Brigham City to Green River.
The Federal Home Loan Bank of Des Moines announced that $1.4 million in Competitive Affordable Housing Program grants have been awarded to four Utah affordable housing projects:
- The Magnolia, a permanent supportive housing facility in Salt Lake City — $750,000
- Central Village Condominiums, affordable housing in Park City — $149,000
- Neighborhood Improvement Project Phase 4, program helping low-income homeowners in designated areas of Brigham City make improvements to their homes — $345,400
- Canal Commons, affordable apartments in Green River — $150,000
From construction of new affordable housing to the rehabilitation of existing homes and rental properties, the projects will benefit low-income families, seniors, persons with disabilities, and individuals experiencing homelessness.
“As public and private entities work together to address affordable housing challenges in Utah, we’re excited that these grants will help provide much-needed affordable housing options, which are critical to the social, economic and environmental well-being of our communities,” said Scott Anderson, Zions Bank president and CEO.
In 2020, FHLB Des Moines approved 42 percent of affordable housing applications it received, awarding nearly $41.3 million in aid for projects. As a member of FHLB Des Moines, Zions Bank was the sponsoring financial institution for each of the four Utah grant recipients.
Since becoming a member of FHLB Des Moines in 2017, Zions Bank has helped secure more than $5.7 million in affordable housing awards to build or rehabilitate 440 housing units in Utah. Projects are awarded funds based on a ranking, eligibility and feasibility criteria determined by an internal review team at FHLB Des Moines.
To apply for a Competitive Affordable Housing Program grant, nonprofits, government agencies, housing authorities and other qualifying organizations partner with a member financial institution. Housing projects must meet the minimum eligibility standards outlined in Section II.A of the Affordable Housing Program Implementation Plan. Organizations interested in applying for a 2021 grant may contact Zions Bank AHP grant coordinator, Stephanie Tobey, at [email protected], by Jan. 17, 2021.
About Federal Home Loan Bank of Des Moines.
The Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to more than 1,350 financial institutions to support affordable housing, economic development and community improvement. Serving 13 states and three US Pacific territories, 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. The Des Moines Bank is wholly owned by its members and receives no taxpayer funding.
Zions Bank is Utah’s oldest financial institution and is the only local bank with a statewide distribution of branches operating 97 full-service branches. Zions Bank also operates 26 branches in Idaho and Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has ranked as the No. 1 lender of US Small Business Administration 7(a) loans in Utah for the past 27 consecutive years. Founded in 1873, Zions Bank has been serving the communities of Utah for more than 145 years. Additional information is available at www.zionsbank.com. A division of Zions Bancorporation N.A., Member FDIC.