Over $95,000 contributed to assist with affordable housing and housing insecurities.
First Federal Bank has partnered with the Federal Home Loan Bank (FHLB) of Des Moines to provide $95,735 in grants to three community organizations. Previously, the FHLB of Des Moines announced the creation of the Member Impact Fund, an initiative designed to encourage financial institutions to contribute to community organizations. Through the Fund, money donated by a financial institution was matched, up to three dollars for every dollar provided. First Federal submitted and received matching funds for NewWest Community Capital, South Central Community Action Partnership (SCCAP), and Habitat for Humanity. “We appreciate the FHLB for collaborating with us to provide much needed support to these community development partners,” said Jason A. Meyerhoeffer, President and CEO of First Federal Bank, who also serves on the board of the Federal Home Loan Bank.
NewWest Community Capital received a total of $45,158 in funds to aid with community development loans and services. Founded in 2000, part of NewWest’s mission is to provide financing for projects crucial to assisting areas impacted by poverty. “First Federal is honored to have community partners like NewWest who tirelessly pursue making Idaho a better place to live, work, and play,” stated Jim Reames, First Federal Bank Senior Vice President and Treasure Valley Market President. Cindy Williams, Senior Vice President of NewWest, expressed, “We are beyond grateful to First Fed for their consistent support of NewWest and for their role in the building of the Magic and Treasure Valley communities.”
$45,158 was also contributed to South Central Community Action Partnership (SCCAP) and their Self-Help Housing program. The funds will be used to purchase land and building lots, eventually providing opportunities for qualified families to own their own home. SCCAP is focused on providing services to improve the quality of life for people with an economic disadvantage. “In August, we will be celebrating the completion of 100 affordable homes built in the Magic Valley since 2010,” mentioned Ken Robinette, CEO of SCCAP. “These efforts would not be possible without the incredible support from places like First Federal Bank.”
Habitat for Humanity of the Magic Valley received $5,419 in grant funding. Habitat for Humanity is dedicated to helping build personal strength, stability, and self-reliance through shelter. This mission is accomplished through constructing, rehabilitating, and preserving homes as well as advocating for fair housing policies, and providing training and access to resources to help families improve their housing situation. The grant support will be applied towards the organization’s annual Rim2Rim fundraiser and their ongoing efforts to provide affordable homes for families in the Magic Valley.
Brenda Hughes, Senior Vice President and Director of Mortgage and Retail Lending at First Federal Bank, shared, “First Federal is proud to partner with the Federal Home Loan Bank to provide funding to these worthwhile organizations. As a community bank, we understand the need to advance affordable, sustainable, homeownership in the communities we serve.”