West Plains Bank and Trust Company, a member of the Federal Home Loan Bank of Des Moines (FHLB Des Moines), and the West Plains Housing Authority were chosen to receive a Competitive Affordable Housing Program (AHP) grant for $657,000 to help local families find a safe and affordable place to call home, bank officials announced this week.
The money will be invested in Walnut Grove Apartments, a 74-unit complex located at 302 Walnut St. in West Plains.
According to West Plains Bank and Trust Company President and CEO David M. Gohn, the benefit of these grants to the community far outweighs the extensive application and disbursement duties required of the bank.
“It is our pleasure to partner with West Plains Housing Authority in applying for and administering this grant,” he said. “As a community bank, we understand the importance of putting in the work to ensure these dollars are awarded to projects in our town. This grant will make a meaningful difference to local families that will be felt for years to come.”
According to Mandy Pitts with West Plains Housing Authority, the project will include installation of vinyl plank flooring and cove base in a six-story high-rise. In addition, plumbing and lighting upgrades as well as landscaping improvements are planned.
Pitts said West Plains Housing Authority is thankful to have been awarded the funds.
“This will make impactful changes in the housing we provide to many West Plains residents,” she said. “It's especially an honor to be able to work with West Plains Bank and Trust Company, and keep the funds awarded local, in the area we serve. This is an exciting time for us as an agency, as we look to build on our strong past and make improvements to continue to provide affordable housing in the future.”
FHLB Des Moines’ competitive AHP encourages collaboration between member financial institutions and housing organizations to create affordable housing solutions for families in need. Since its inception in 1990, FHLB Des Moines and its members have helped facilitate approximately $735 million in funding to benefit more than 92,000 families through new construction and rehabilitation of owner-occupied or rental housing.
FHLB Des Moines returns 10% of its net income annually to assist with housing needs throughout its district, consisting of 13 states and three U.S. Pacific territories. This year, 60 projects totaling more than $46 million were awarded through the AHP. Five million dollars of the $46 million were voluntarily contributed. Additionally, FHLB Des Moines voluntarily donated another $20 million in 2023 to community development in targeted areas of its district, officials said.
“For more than 90 years, FHLB Des Moines has invested in helping communities grow and prosper. We are proud to partner with our member financial institutions to fulfill that commitment,” said Kris Williams, President and CEO, FHLB Des Moines. “We are also happy to say that in 2023, we gave $25 million in an addition to 10% of our earnings back to our members to invest in their communities and the people they serve. Thanks to the vision and dedication of our members and local housing sponsors, we are able to have a direct and positive impact.”
