From the City of Pine City:
"A collaborative effort between Cambridge State Bank and the City of Pine City will create affordable housing opportunities for low-income families and individuals in Pine City this upcoming year. Cambridge State Bank and the City of Pine City partnered to help secure $336,000 in competitive Affordable Housing Program grant funds through the Federal Home Loan Bank of Des Moines (FHLB Des Moines or the Bank) to rehabilitate twelve (12) homes in the City of Pine City.
“We are so thankful for the opportunity to bring a new resource to our community and help
keep the housing stock affordable, safe and maintained” said Mayor Carl Pederson, “we’re
hoping people will be excited and apply for the funding through our Community
Development department at City Hall.”
Homeowners who live in the city limits can make an application at City Hall or online at
pinecitygov.com/housing. To be eligible, the home must be their primary residence
(homesteaded), and the total household income must be under the following guidelines:
Priority will be given to households with members who have any one of the following
characteristics: senior (62 years of age and older), physical or mental disability, recovering
from abuse (domestic violence, alcohol or chemical/drug); and households with income less
than the following will also be given priority:
This assistance to homeowners is in the form of a grant, and the maximum grant available
per property is $25,000. There is no obligation to repay the funds, no lien is placed on the
property and there is no encumbrance of residency. The funds can only be used to make
repairs to the property which make the property more livable, energy efficient, save and
accessible. These repairs typically include: roofing, windows, doors, ramps, bathroom
accessibility conversions, updating defective plumbing, heating or electrical systems. After
an application has been submitted by a property owner to the City of Pine City, the home
will have an inspection conducted to determine what repairs are needed and qualify under
this program. Remodeling is not allowed. Once the scope of work is determined, the owner
will seek bids from contractors of their choice.
From construction of new affordable housing to the rehabilitation of existing homes and
rental properties, Competitive Affordable Housing Program awards benefit low-income
families, seniors, persons with disabilities, homeless and at-risk youths.
“FHLB Des Moines is proud of the work Cambridge State Bank and the City of Pine City are
doing to build strong communities,” said Dan Clute, Executive Vice President and Chief
Business Officer of FHLB Des Moines. “We are committed to providing funding and
affordable housing solutions to help meet their local needs.”
The Competitive Affordable Housing Program encourages partnerships between FHLB Des
Moines member financial institutions and local housing organizations throughout the Bank’s
district, consisting of 13 states and three U.S. Pacific territories.
Every year, FHLB Des Moines returns 10 percent of its net income to benefit communities in
For a complete listing of 2019 Competitive Affordable Housing Program recipients, click
here. For more information, contact the Bank’s Community Investment Department by
calling 800.544.3452, ext. 2400."