Community Resource

Affordable Housing Grants to Benefit Pine City Families and Individuals

City of Pine City .png Logo

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 within city limits 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 are hopeful that 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 To be eligible, the home must be their primary residence (homesteaded), and the total household income must be under the following guidelines:

Family Size 1 2 3 4 5 6 7 8
Income $40,550 $46,350 $52,150 $57,900 $62,550 $67,200 $71,800 $76,450

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:

Family Size 1 2 3 4 5 6 7 8
Income $30,420 $34,800 $39,120 $43,440 $46,920 $50,400 $53,880 $57,360

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, safe 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 its district.

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.