ONAMIA -- The Mille Lacs Band of Ojibwe's Woodlands National Bank received a $25,000 grant that will help potential homebuyers on the Mille Lacs Reservation with home down payments, closing costs and rehabilitation costs.
The grant comes from the Federal Home Loan Bank of Des Moines through its new Native American Homeownership Initiative program.
"This is a great opportunity for Mille Lacs Band members and families who want to own their own homes, and we encourage people to apply for the grant funds," said Rick Boyd, executive director of the Mille Lacs Reservation Housing Authority.
The NAHI program targets low-income individuals and families who live on designated reservations that are at or below 80 percent of either the Native American Housing Assistance and Self-Determination Act income guidelines or the Mortgage Revenue Bonds income guidelines. Eligible homebuyers may receive grants of $500 to $5,000, which do not have to be repaid.
The $25,000 in grant funds offered through Woodlands National Bank will be available until Sept. 30, 2004. Potential homebuyers may call Pam Konze at (888) 532-4142 for more information.
No taxpayer dollars are used to fund NAHI. The grant money comes from the Home Loan Bank's Affordable Housing Program, which receives 10 percent of the bank's annual net income each year.
The Federal Home Loan Bank of Des Moines provides money to local banks to help supply loans for housing and community investment that build neighborhoods and strengthen communities. The bank is one of 12 regional banks that make up the Federal Home Loan Bank system, the largest supplier of home mortgage credit in the United States. The Federal Home Loan Bank of Des Moines operates in Iowa, Minnesota, Missouri, North Dakota and South Dakota.
Woodlands National Bank is a full-service bank owned by the Mille Lacs Band of Ojibwe. It has branches in Onamia, Hinckley and Sturgeon Lake.
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