DES MOINES, Iowa – Five Midwestern credit unions were awarded $400,000 in grants Friday from the Federal Home Loan Bank of Des Moines, which they may offer as downpayment assistance to first-time homebuyers. Among the winners were: Alcoa Employees & Community CU ($100,000); Dupaco Community CU ($100,000); University of Iowa CU ($75,000); Community Choice CU ($75,000) and Linn Area CU ($50,000). The Des Moines Bank awarded more than $8 million in housing grants under its Urban First-Time Homebuyer Fund, Rural Homeownership Fund, Urban Homeownership Fund and Native American Homeownership Fund. Credit unions receiving the funds can offer it to eligible low-income borrowers to provide down payment, closing cost or rehabilitation assistance.
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