ST. PAUL, Minn.–Affinity Plus Credit Union 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, the credit union said.
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.
“The grant from Affinity Plus allowed me to put more money towards my down payment and lower my monthly mortgage payment,” said Derek S. of Fergus Falls, Minn. “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.”