Bank Announces Native American Homeownership Initiative

The Federal Home Loan Bank of Des Moines has allocated $1 million in funds from its Affordable Housing Program (AHP) to help Native Americans purchase their own homes.

The Bank's 2007 Native American Homeownership Initiative (NAHI) enables community banks to make grants of up to $10,000 to low- and moderate-income homebuyers for a down payment, closing costs or rehabilitation. The program is available to both first time homebuyers and to those who have owned a home in the past.

To be eligible, homebuyers must have an annual household income at or below 80 percent of either Mortgage Revenue Bond income limits or Native American Housing Assistance and Self-Determination Act income limits.