St. Paul, MN – TopLine Federal Credit Union was recognized as an important community partner during a ceremony on Jan. 28 that announced the city of Brooklyn Park’s receipt of a $294,000 Affordable Housing Program grant for 2013 from the Federal Home Loan Bank (FHLB) in Des Moines. This grant was made available to the city due in part to TopLine FCU’s member/owner status with FHLB, as well as TopLine’s long-standing relationship with the city of Brooklyn Park. This grant, combined with a 2011 grant of more than $500,000, with which TopLine also was involved, brings the total given to Brooklyn Park families through the FHLB-funded program to more than $800,000.
By working together with credit unions, commercial banks, insurance companies and thrifts, the FHLB provides stable and secure funding to support individuals’ dreams of homeownership. The funds come directly from FHLB without using taxpayer dollars and represent 10 percent of the bank’s net earnings. The money is distributed based on a competitive grant process involving communities throughout the United States. The grants are used to help low-income homeowners maintain their homes, improve energy efficiency and make needed repairs.
During the ceremony, TopLine FCU President & CEO Harry Carter joined Brooklyn Park Mayor Jeff Lunde and Congressman Erik Paulsen (R-3rd District) in praising this grant program and its impact on the community. Commenting that this is the second time that Brooklyn Park has been successful in receiving one of these competitive grants, Mayor Lunde emphasized that these grants provide crucial funding to support the city’s housing strategy to help citizens obtain and retain home ownership.
“It is a great honor for TopLine to be involved in this initiative that helps strengthen and improve the community,” Carter said. “As one of the city’s small businesses, we are proud to be part of this strategy to help individuals fulfill their dreams of owning and maintaining a home.”
Acknowledging the financial difficulties many individuals are facing, Congressman Paulsen also praised the program, stating that “this is a significant step in helping to make the community strong and healthy, especially during these tough economic times.”
Federal Home Loan Banks across the country have supported local economies for 80 years. Each year, the bank awards millions of dollars in grant money that goes toward building and maintaining tens of thousands of homes across the country. This grant program is considered to be one of the most effective affordable housing programs created by Congress that uses private funds, not taxpayer dollars.
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.