We are thrilled to announce that Catholic Charities has received a $10,000 grant from Stearns Bank and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) through the Member Impact Fund. The grant is part of $20 million awarded by FHLB Des Moines through a matching grant program supporting affordable housing and community development in Minnesota.
Supporting Home Stretch Homebuyer Education
This award invests $10,000 in our Central Minnesota community and supports our Home Stretch Homebuyer Education classes, which provide essential guidance for people navigating the homebuying process with confidence. Topics include mortgage qualification, credit and affordability, loan closing procedures, and the responsibilities of homeownership.
Homebuyer Education helps people get ready for homeownership, and many lenders require it so first-time buyers are well-informed about the process and expectations. Attendees hear from experts in lending, real estate, title services, and home inspection, and they receive a certificate of completion, which some loan programs require. Participants can also take advantage of free pre-purchase advising for personalized support.
“This grant opens the door to more than just a class. It offers families and individuals the chance to build a future with confidence. Through homebuying education, participants gain essential tools to navigate budgeting, credit, mortgage options, and the true cost of owning a home. It’s not just about buying a house; it’s about empowering people to make informed, confident decisions that protect their dreams and create lasting stability for generations to come.”
Lois Rengel, Catholic Charities Financial & Housing Counseling Supervisor
About the Member Impact Fund
FHLB Des Moines provides funding solutions to more than 1,200 members to support mortgage lending, economic development, and affordable housing in the communities they serve. The Member Impact Fund provides members up to $3 for every $1 in matching grant donations to strengthen the ability of nonprofits and government entities to meet community needs.
“The Member Impact Fund enables our members to directly support local organizations who matter to them, creating value and a profound impact in their own communities. The commitment of Stearns Bank to champion organizations like Catholic Charities of the Diocese of St. Cloud inspires us all.”
Kris Williams, President and CEO, FHLB Des Moines
Recipients were selected based on the need for funding to build capacity or provide working capital to serve affordable housing or community development needs, including job training, affordable housing, financial literacy, food banks, and youth programs. Since its founding in 2023, the Member Impact Fund has awarded nearly $70 million in grants.
About Federal Home Loan Bank of Des Moines
The Federal Home Loan Bank of Des Moines is a member-owned cooperative serving 13 states and three U.S. Pacific territories. It works with more than 1,200 member institutions to support affordable housing, economic development, and community improvement. FHLB Des Moines is one of 11 regional banks in the Federal Home Loan Bank System and receives no taxpayer funding. Learn more at fhlbdm.com.
