ST. PAUL, Minn. (2/4/13)--TopLine FCU in Maple Grove, Minn., was recognized as an important community partner when Brooklyn Park, Minn., received a $294,000 Affordable Housing Program grant for 2013 from the Federal Home Loan Bank (FHLB).
| TopLine FCU, based in Maple Gove, Minn., joined the city of Brooklyn Park, Minn., Jan. 28, in announcing the city's receipt of a $294,000 Affordable Housing Program 2013 grant. Pictured, from left: TopLine President/CEO Harry Carter, Brooklyn Park Mayor Jeff Lunde, U.S Rep. Erik Paulsen (R-Minn.) and a Federal Home Loan Bank representative. (Photo provided by the Minnesota Credit Union Network)|
Topline's involvement was noted during a ceremony on Jan. 28 in Des Moines, Iowa. The new grant brings the total given to Brooklyn Park families through the FHLB-funded program to more than $800,000.
"As one of the city's small businesses, we are proud to be part of this strategy to help individuals fulfill their dreams of owning and maintaining a home," said TopLine President/Harry Carter.
The grant was made available to the city partly due to TopLine FCU's member/owner status with FHLB, and the $326 million asset TopLine's long-standing relationship with Brooklyn Park. The grant follows a 2011 grant of more than $500,000--with which TopLine also was involved.
By working with credit unions and other community institutions, the FHLB provides stable and secure funding to support individuals' dreams of homeownership, said a press releases from the Minnesota Credit Union Network.
The funds come directly from FHLB without using taxpayer dollars and represent 10% of the bank's net earnings. The money is distributed based on a competitive grant process involving communities nationwide. The grants help low-income homeowners maintain their homes, improve energy efficiency and make repairs.
During the ceremony, Carter joined Brooklyn Park Mayor Jeff Lunde and U.S. Rep. Erik Paulsen (R-Minn.) in praising the grant program and its impact on the community. Lunde--noting that this is the second time Brooklyn Park has succeeded with a competitive grant--emphasized that the grants provide crucial funding to support the city's housing strategy to help citizens obtain and retain home ownership.