Skip to main content

  • Comment Detail

  • Date: 10/31/22
    First Name: Jim
    Last Name: Philbin
    Email: jphilbin@1roofhousing.org
    Organization Type: other
    Organization: One Roof Community Housing

  • Comment

    Dear Director Thompson,

    One Roof Community Housing, a recipient of grant funding from the FHLB Des Moines Affordable Housing Program (AHP), is a nonprofit organization based in Duluth, MN. We are focused on providing housing services and building and sustaining affordable homes and healthy neighborhoods, including in the American Indian community.
    One Roof offers a range of services, including affordable homeownership opportunities, homeownership counseling, home and rental rehab lending and down payment assistance, and resources and support for positive tenant-landlord relations.
    For One Roof, FHLB Des Moines provides crucial funding that fills gaps for those looking to purchase a home.
    For many in the American Indian community, when they go to buy a home, they are often the first members of their extended family to do so. With AHP funding from FHLB Des Moines, those potential first-time homebuyers can overcome a lack of generational wealth to build a foundation from which their families can benefit for years to come.
    They can also break a cycle of endless renting that prevents them from experiencing the financial stability and asset building that owning a house provides.
    What we found is that a greater level of affordability is needed because of some of the historical obstacles that tribal members have faced. So, when we can leverage FHLB Des Moines with our other, funders,’ such as the Minnesota State Housing Finance Agency, HOME & CDBG, we can make some of these projects work.
    One Roof’s program serves households earning up to 80 percent of our area’s median income, but the average homebuyer only earns around 60 percent of median income. Without the assistance of FHLB Des Moines, we might only be able to serve households between 75 and 80 percent of the area median income.
    FHLB Des Moines helps make up the difference, meaning that One Roof can assist more people who need financial support to become homeowners.
    We can provide a foundation of stable, safe, affordable housing, which improves several different areas of an individual’s life. Knowing that you have a consistent home can be a stepping stone to better employment and better education for your children. It’s an opportunity to break the glass ceiling of owning a home that they didn't think was possible.
    That's a huge milestone, and I think a great accomplishment for them.
    On a very practical level, FHLB Des Moines fills a gap.
    Sincerely,
    Jim Philbin
    Senior Director, Community Land Trust
    One Roof Community Housing