A collaborative effort between Zions Bank and community housing providers will create affordable housing opportunities for nearly 200 low-income families and individuals from Brigham City to Escalante.
The Federal Home Loan Bank of Des Moines announced on Monday that $1.8 million in Competitive Affordable Housing Program grants have been awarded to six Utah affordable housing projects in Salt Lake City, Park City, Brigham City, Escalante and Tropic.
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, homeless individuals and at-risk youths.
“As public and private entities work together to address affordable housing challenges in Utah, we’re excited that these grants will help provide more 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 2019, FHLB Des Moines approved 85 of the 143 affordable housing applications it received, awarding $51.5 million in aid for projects. As a member of FHLB Des Moines, Zions Bank was the sponsoring financial institution for each of the six Utah grant recipients.
“FHLB Des Moines is proud of the work that Zions Bank does to build strong communities,” said Mike Wilson, president and CEO of FHLB Des Moines. “We are committed to providing funding and affordable housing solutions to help meet their local needs.”
Since becoming a member of FHLB Des Moines in 2017, Zions Bank has helped secure nearly $4.3 million in affordable housing awards to build or rehabilitate 335 housing units in Utah.
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 2020 grant may contact Zions Bank AHP grant coordinator, Stephanie Tobey, at [email protected], by Jan. 17, 2020.