Federal Home Loan Bank Grant Programs: Turning Credit Union Partnerships Into Housing Impact

Posted by Alyse Knudsen on March 25, 2026

Credit unions across the West play a critical role in expanding access to affordable housing—and the Federal Home Loan Bank (FHLB) System offers powerful tools to help turn that mission into measurable impact.

The Federal Home Loan Bank system consists of 11 regional Banks, established by Congress in 1932 to support mortgage lending and community investment. Today, the FHLBanks serve more than 6,600 member institutions nationwide, including credit unions, banks, CDFIs, insurance companies, and thrifts.

During GoWest’s Q1 CDFI Roundtable, Tony Montgomery, Affordable Housing Program Manager at FHLB Des Moines, shared updates on current grant and subsidy programs designed to help member credit unions address housing affordability, support homeownership, and strengthen communities.

“At the Federal Home Loan Bank of Des Moines, we view our members as direct conduits to community impact,” shared Montgomery. “By leveraging our Affordable Housing Program and targeted grant initiatives, credit unions can access reliable funding to support both rental and homeownership solutions.

“Our team works alongside members at every stage, starting from application strategy through project execution to ensure they fully utilize available resources,” Montgomery continued. “We’re committed to our members so they can confidently advance affordable housing in the communities they serve.”

Grant opportunities through FHLB Des Moines, FHLB Topeka and FHLB San Francisco represent millions of dollars in funding for credit unions across the GoWest region.

FHLB Des Moines: Funding That Meets Members Where They Are

Serving Washington, Oregon, Idaho, and Wyoming

FHLB Des Moines offers several grant and subsidy programs that credit unions can leverage directly or through partnerships:

Competitive Affordable Housing Program (AHP)

AHP provides annual, competitive grants to support the purchase, construction, or rehabilitation of affordable owner-occupied and rental housing. Projects must serve households earning at or below 80% of area median income and are developed in partnership with member financial institutions and local housing providers.

The 2026 AHP application period will open April 1, 2026. Awards will be announced in December 2026.

Additional information on other FHLB Des Moines programs can be found here.

A Credit Union Success Story: Rivermark Community Credit Union

The impact of these programs is already being felt across the region. Earlier this year, Rivermark Community Credit Union secured a $3 million grant from FHLB Des Moines to support affordable housing for veterans in Portland — one of only two credit unions nationwide to receive an award in that funding round.

Rivermark has since seen firsthand how transformative these grants can be. One project will help 88 households remain safely in their homes through critical roof and HVAC repairs, while another provides vital housing for veterans, with a special emphasis on women veterans.

“We believe financial institutions have a responsibility to create lasting impact beyond banking, and this grant shows what collaboration and alignment can achieve,” said Rivermark Executive Vice President and Chief Impact Officer Seth Schaefer. “This project will provide safe, affordable housing for veterans who deserve stability and dignity, and we’re honored to stand with First A.M.E. Zion Church and Logos Faith Development in making this vision a reality.”

Every FHLB Des Moines financial institution can sponsor up to five projects per funding round, underscoring the scale of opportunity available to credit unions that engage early and often.

FHLB Topeka: Supporting Homeownership Across Colorado

Serving Colorado, Kansas, Nebraska, and Oklahoma

Credit unions in Colorado can access similar resources through FHLB Topeka, including:

Affordable Housing Program (AHP)

A competitive grant program supporting rental and owner-occupied housing for very low-, low-, and moderate-income households. Funding assists nonprofit, public, and private developers with new construction and rehabilitation projects.

The 2026 AHP application period will open July 1, 2026. Awards will be announced in December 2026.

FHLB Topeka has several other programs. More information can be found here.

FHLB San Francisco: Expanding Access Across Arizona

Serving Arizona, California, and Nevada

For Arizona credit unions, FHLB San Francisco offers a broad portfolio of housing and community development programs.

• Workforce Initiative Subsidy for Homeownership (WISH) – Long-running down payment and closing cost assistance for first-time buyers earning ≤ 80% AMI
• Middle-Income Downpayment Assistance Program – Matching grants up to approximately $50,000 for first-time buyers earning up to ~140% AMI
• Affordable Housing Program (AHP) – General and targeted funds for affordable rental and owner-occupied housing
• AHEAD Economic Development Grants – Support for projects advancing health, education, and community development

More information on the programs mentioned above and more can be found here.

An Opportunity to Do More — Together

Across all three regions, one message is clear: these programs work best when credit unions engage early, partner strategically, and bring forward projects that reflect real community needs.

With millions of dollars available — and proven success stories like Rivermark Community Credit Union — now is the time for more credit unions to explore how FHLB grant programs can support their housing strategies and amplify their impact.

Posted in Across the Region, Arizona, Colorado, GoWest Foundation, Idaho, Oregon, Public Awareness, Regional Member News, Small Credit Unions, Top Headlines, Washington, Wyoming.