Washington Trust Bank, the largest independently owned full-service bank in the Northwest, has partnered with the Federal Home Loan Bank of Des Moines (FHLB Des Moines) to award a total of $200,000 in grant dollars from the FHLB Des Moines Member Impact Fund to two Central Oregon affordable housing organizations. Recipients include RootedHomes in Bend and NeighborImpact in Redmond. The matching grant program, introduced in 2023, will provide nearly $20 million to eligible organizations in order to strengthen communities in targeted areas of FHLB Des Moines’ district.
“Like many communities nationwide, those in Central Oregon are working to address the urgent need for access to affordable housing. At Washington Trust, we are honored to provide support to organizations that are making a tangible difference to individuals and families,” said Cory Allen, senior vice president and team leader for Washington Trust in Central Oregon. “We are pleased to have the considerable backing of FHLB Des Moines in our efforts, as their triple-match dollars from the Member Impact Fund will go a long way in helping local recipients and lifting up those in need.”
Washington Trust served as a sponsor for five total recipient organizations in Oregon, including the two in Central Oregon, championing their respective missions in a quest to secure vital funding that would allow them to continue in their important work. RootedHomes is on a mission to provide environmentally sustainable and permanently affordable housing in Central Oregon. NeighborImpact works to meet the needs of households in Central Oregon, from hunger relief to emergency shelter and rental assistance.
For Washington Trust, facilitating grants on behalf of local nonprofits is consistent with its core values of integrity and commitment to community. These values have centered its business and guided its decisions and policies while serving people in Oregon, Washington and Idaho. The Bank seeks to help its neighbors and neighborhoods flourish, and that means advocating for investments in low- and moderate-income communities to help people thrive. Washington Trust does so through supporting and lending to projects that revitalize neighborhoods, create affordable housing, and promote economic and job growth.
FHLB Des Moines provides funding solutions and liquidity 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 $3 for every $1 of an eligible FHLB Des Moines member’s grant donation to strengthen the ability of not-for-profits or government entities to serve local affordable housing or community development needs. The Member Impact Fund awards are given in partnership with member financial institutions to communities in the district, enabling them to become more vibrant places to live and work.
The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, president and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”
The Member Impact Fund matching program is available to organizations located in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa, and the Northern Mariana Islands. Member Institutions in these locations submitted applications in February and March 2024; funds were distributed directly to the member institution, which then provided the funding alongside a matching grant from FHLB Des Moines for the recipient organization.
Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, and market study or community needs assessment.
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.
About Washington Trust Bank:
Washington Trust Bank is the largest independently owned full-service commercial bank in the Northwest, serving the region since 1902. A wholly owned subsidiary of W.T.B. Financial Corporation, Washington Trust Bank has assets exceeding $11 billion. Headquartered in Spokane, Washington Trust currently has over 40 branches and offices in Washington, Idaho, and Oregon. The Bank employs approximately 1,100 people.
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