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July 14, 2008 For immediate release Senior Apartments in Cuba, Vienna, Dixon, Owensville Awarded $1.6 Million in Grant Funds For Renovations ST. JAMES— Four local nonprofit boards that operate senior citizen apartments have been selected to receive a total of $1.6 million in grant funds to renovate a total of 158 units in four counties. The Federal Home Loan Bank of Des Moines, the granting agency, recently announced that: • Retirement Homes Inc. of Cuba, MO, was awarded $266,623 to improve 36 units with Peoples Bank of Cuba serving as the sponsoring bank; The four apartment complexes were built some 20 to 30 years ago, using loans from USDA Rural Development, who also provides rental assistance to very low-income families in the apartments. Because the units are designed to be affordable, rents are below market rates, making it difficult for the volunteer boards to accumulate funds to undertake major renovation of the aging units. While each complex needs specific improvements, the grant funds will be used to install central heating and cooling systems, replace roofs, windows, doors, hot water heaters, appliances, sidewalks, cabinetry, renovate bathrooms, install ground fault outlets, smoke detectors, soffit and fascia and upgrade some breaker boxes. Contractors are needed to complete the renovation. As soon as grant agreements are in place, Meramec Regional Planning Commission will finalize work write-ups and schedule contractor walk-throughs. The work will be competitively bid and the local senior housing boards will select contractors. Contractors interested in working on the projects must complete a two-page application, available online at www.meramecregion.org or available by calling Chuck Cantrell at 573-265-2993. The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to more than 1,200 members. It is one of twelve regional banks that make up the Federal Home Loan Bank System. The FHLB System is the largest supplier of home mortgage credit in the United States. Congress created the national network of privately owned wholesale banks in 1932 to ensure available funding for mortgages, however, it receives no taxpayer funding. The bank devotes 10 percent of its net income each year to affordable housing programs. The Des Moines bank serves commercial banks, savings institutions, credit unions and insurance companies in Iowa, Minnesota, Missouri, North Dakota and South Dakota. Some 25 grant requests were approved in the five-state region; eight of those were in Missouri with four of those in the Meramec Region. Those four applications were prepared by MRPC, who will coordinate, oversee and inspect renovation work and will assist the board and bank with payments to contractors. In order to apply, the nonprofits had to secure the sponsorship of a FHLB member-bank. Sponsoring banks will assist with reporting and requesting grant funds. USDA assisted with the application and provided a letter of support for the project and will also assist with construction monitoring. |