Hacienda CDC receives $100,000 grant from Federal Home Loan Bank of Des Moines and Wells Fargo through the Member Impact Fund
Grant program supports affordable housing and community development.
Portland, ORE., May 23, 2024– Hacienda Community Development Corporation is pleased to announce that Wells Fargo and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) have awarded them a $100,000 grant from the FHLB Des Moines Member Impact Fund. This matching grant program, which was introduced in 2023, provides nearly $20 million to eligible organizations in order to strengthen communities in targeted areas of the FHLB Des Moines district. In 2024 FHLB Des Moines increased the Member Impact Fund by $10 million.
“The Federal Home Loan Banks grants are both a windfall and a recognition that we are doing things right and we are serving our communities well,” says Ernesto Fonseca, CEO of Hacienda. “We are truly grateful for this $100,000 grant from Wells Fargo. They are a visionary partner that understands that developing affordable housing and delivering services to the community depend on a network of roles and needs that this grant will help us fund.”
Hacienda will use the funds received from Wells Fargo for multiple purposes that will allow it to fulfill activities and responsibilities not covered by traditional funding sources. Hacienda will undergo its strategic review process this year, and these funds will help build the vision and strategy that will maximize opportunity and innovation in the organization’s next iteration of affordable housing, economic opportunity, and youth and family services.
“Far too many people are facing housing instability. Some households pay half or more of their income on housing and the number of families who are struggling to achieve home ownership is on the rise," said Elizabeth Lorenzo, Senior Community Impact & Sustainability Specialist at Wells Fargo. “As the Bank of Doing, Wells Fargo is committed to working with organizations like Hacienda CDC to help increase access to housing, which is the foundation for wellness, dignity, and economic opportunity.”
FHLB Des Moines provides funding solutions and liquidity 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 $3 for every $1 of an eligible FHLB Des Moines member's grant donation to strengthen the ability of not-for-profits or government entities to serve the affordable housing or community development needs of their communities. The Member Impact Fund awards are given in partnership with member financial institutions to communities in their district to become more vibrant places to live and work.
The Member Impact Fund is just one-way FHLB Des Moines enables our members to connect directly with local organizations who matter to them, creating value and a lasting impact in their own communities,” said Kris Williams, president and CEO of FHLB Des Moines. “The commitment of members like Wells Fargo and their connections to organizations like Hacienda CDC help advance the positive work being done in its community.”
The Member Impact Fund matching program is available to organizations located in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa and the Northern Mariana Islands. Member institutions in these locations submitted applications in February and March 2024; funds were distributed directly to the member institution, which then provide the funding alongside a matching grant from FHLB Des Moines for the partner/recipient organization.
Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.
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About Federal Home Loan Bank of Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.
FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.
About Hacienda CDC
Hacienda CDC was formed in 1986 to provide necessary housing and supportive services in NE Portland’s Cully neighborhood. At that time, Cully was home to the largest Latino population in Oregon. Since then, Hacienda has grown to provide affordable housing in 10 communities in Northwest Oregon and provide supportive services to over 1500 individuals, children, and families.
As Portland’s Latino population has grown rapidly, Hacienda continues building capacity to offer our bicultural services to Latinos and other low-income families. Hacienda embraces a holistic approach, providing culturally specific services that provide opportunities to access needed resources like growing or starting a business, and buying a first home. Hacienda is Oregon’s largest Latino-led, Latino-serving housing organization and remains a trusted name in the community. Learn more at haciendacdc.org.