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ASB and Federal Home Loan Bank of Des Moines Award $1.8M to Local Nonprofits

ASB June 21, 2023 | 3 MIN read News Releases

American Savings Bank (ASB) and the Federal Home Loan Bank of Des Moines (FHLB Des Moines) are proud to announce the award of $1.8 million to eight local nonprofits through ASB and the FHLB Des Moines Member Impact Fund. The matching grant program provides up to $15 million to strengthen communities in targeted areas of the FHLB Des Moines district.

“We are honored to partner with the Federal Home Loan Bank of Des Moines to support the important work carried out by our local nonprofit organizations,” said Ann Teranishi, president and CEO at ASB. “Through our collaboration, we aim to provide workforce development, financial education and affordable housing programs and opportunities that will make a meaningful and lasting impact on the lives of individuals and families in Hawaii. Together, we can foster a stronger, more inclusive community where everyone can thrive.”

The Member Impact Fund provides a nearly $3-to-$1 matching grant award. With ASB’s commitment of $500,000 and FHLB Des Moines’ matching grant of $1.3 million, a total of $1.8 million will be donated to eight nonprofit organizations. These grants aim to tackle critical challenges in our state and provide much-needed support to residents facing high living expenses and a shortage of affordable housing.

“FHLB Des Moines is very pleased to partner with American Savings Bank through the Member Impact Fund. The fund enables our members to connect directly with local organizations who matter to them, creating value and lasting impact in their own communities,” said Kris Williams, president and CEO of FHLB Des Moines. “The commitment of members like American Savings Bank, paired with their connection to local organizations, help advance the good work being done in its community.”

ASB received approval for all eight applications submitted, which represents more than one-third of the 21 grants awarded to Hawaii. Recipient member organizations were selected based on their requests for grant funding to enhance their capacity and strengthen their ability to serve affordable housing and community development needs.

Nonprofits Receiving Grants From ASB:

  • Aloha United Way
    • Award: $90,317
    • Initiative and Programs Supported: The ALICE Initiative (Asset Limited, Income Constrained, Employed)
  • Dynamic Community Solutions
    • Award: $180,634
    • Initiative and Programs Supported: Development of the Puuhonua o Waianae farm village
  • Hawaii Community Lending
    • Award: $361,267
    • Initiative and Programs Supported: Construction loans for native Hawaiian families with no down payment required
  • Hawaii Homeownership Center
    • Award: $36,127
    • Initiative and Programs Supported: Housing counseling for low- to moderate-income families and individuals
  • Hawaii Community Assets
    • Award: $903,168
    • Initiative and Programs Supported: Housing counseling and support for the Kahua Waiwai homebuyer program
  • Kupu Hawaii
    • Award: $90,317
    • Initiative and Programs Supported: Workforce development programs for under-resourced youth
  • Partners in Development Foundation
    • Award: $54,190
    • Initiative and Programs Supported: KA’A education savings account program
  • XLR8X
    • Award: $90,317
    • Initiative and Programs Supported: Support for local small businesses through XLR8X’s proven accelerator program

The nonprofits were chosen by ASB for their alignment with ASB’s charitable focus areas in financial wellness, innovation, entrepreneurship and affordable housing.

In addition to this grant program, ASB recently collaborated with Hawaii Community Lending to announce a $4 million investment in homeownership opportunities for eligible native Hawaiians residing on Hawaiian home lands.

ASB will host a celebration event to present the awards to the nonprofits, marking their commitment to bringing real impact to the community.

Media Contact

Karwin Sui
Communications Manager
(808) 539-7268