St. Paul, Minn. (March 26, 2019) – Affinity Plus awarded $200,000 in homebuyer grants to 40 members who bought homes in 2018. The grants, in partnership with Federal Home Loan Bank (FHLB) of Des Moines, provided $200,000 in assistance to support homeownership dreams. This is the third consecutive year the grant program has been offered, with grant totals growing each year.
Recipient communities included Bemidji, Bloomington, Coon Rapids, Duluth, Ely, Federal Dam, Fergus Falls, Hugo, Inver Grove Heights, Isanti, Janesville, Little Canada, Maplewood, Minneapolis, New Germany, North Branch, Owatonna, Rochester, Roseville, St. Cloud, St. Louis Park, St. Paul, Utica, White Bear Lake and Winona as well as Danbury, Wis.
Each grant provides $5,000 in support for closing costs and down-payment assistance to a member who is identified as meeting grant criteria. The selection is based on income guidelines and recommendations from community branch leaders. FHLB financial institutions, including Affinity Plus, apply for the grant money by identifying members who qualify for down-payment and closing-cost assistance. Thanks to the grants, many recipients were able to use personal savings for home upgrades.
A few of their inspiring stories include:
- “The grant from Affinity Plus allowed me to put more money towards my down payment and lower my monthly mortgage payment. This let me use more of my personal savings to invest in home upgrades. I can’t express how grateful I am for this grant and the peace of mind it gives me as a first time homebuyer.” – Derek S., Fergus Falls
- Jennifer R., White Bear Lake, used her $5,000 grant to furnish her new townhome and paint every room. She was also able to keep more in her savings for any future updates.
- Buying her first home was exciting for Kaci D. from Danbuy, Wis. She found the perfect home within her price range and was thrilled when Affinity Plus notified her that she qualified for a $5,000 grant! She even increased her down payment amount – what a wonderful surprise for Kaci!
- Jerry S., Bemidji, moved and bought a new home to be closer to his daughter and grandson, whom he loves picking up from school. Jerry was able to upgrade all of the appliances in the home with the grant funds he received.
- Peter and Shawnee T., Janesville, were so excited to receive their grant, which reduced their home loan by $5,000! The grant made a big difference and allowed them to save $45 every month.