The Federal Home Loan Bank of Des Moines recently awarded $10.2 million in housing grants to projects located in Iowa, Minnesota, Missouri, North Dakota and South Dakota.

Sentinel Federal Credit Union was among the funding recipients, receiving $120,000 for a homeownership project developed with non-profit organization NeighborWorks Dakota Home Resources. The owner occupied rehab project is in Deadwood and includes 30 units.

“We were just notified last Friday of the grant” said Nancy Ellwein, President of Sentinel FCU. “We are looking forward to working with NeighborWorks on their projects.”

Nearly 1,500 homes will be built or improved as a result of the 2012 Federal Home Loan Bank of Des Moines competitive Affordable Housing Program. The Bank commits 10 percent of its annual net income each year to the development of affordable housing. Since the creation of AHP in 1990, FHLB Des Moines has distributed more than $200 million in competitive grants to create nearly 41,000 housing units.

For a complete listing of 2012 AHP grant recipients, please visit the Bank’s website. For more information, contact the Bank’s Community Investment Department by calling 800.544.3452, ext. 1173.