Federal Home Loan Bank of Des Moines names Brent Ekstrom to its Affordable Housing Advisory Council

Brent Ekstrom, executive director of the Lewis & Clark Development Group, has been appointed to Affordable Housing Advisory Council of theFederal Home Loan Bank (FHLB) of Des Moines.

Ekstrom will be representing the state of North Dakota. His three-year term will begin on January 1, 2021.

“Brent brings a wealth of experience and expertise to the Advisory Council,” said Jennifer Ernst, Senior Vice President/Director, Western Office and Community Investment Officer, FHLB Des Moines.

“His insight will help enrich Advisory Council discussions and the advice provided to the Board of Directors about ways the Bank can support the affordable housing and community development needs in its 13-state district.”

About Federal Home Loan Bank of Des Moines

FHLB Des Moines has assets of almost $130 billion and 1,296 member institutions that each benefit from access to a variety of products and services designed to help lower their funding costs, mitigate risk, improve asset and liability management and meet community credit needs. It is one of 11 regional banks that make up theFederal Home Loan Bank System, which was established by Congress in 1932 to support mortgage lending. The system provides a stable source of funding for more than 7,300 federal insured depository institutions, which includes banks, credit unions, insurance companies, thrifts, and community development financial institutions.

The FHLB Des Moines district includes the states of Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming and the U.S. Pacific territories of American Samoa, Guam, and Mariana Islands.

The Bank contributes 10 percent of its net income each year to affordable housing programs. Grants are awarded to help meet the housing needs of low- to moderate-income individuals and families. The use of these funds positively impacts job growth and development throughout the district.

“I am honored to be selected to serve on the Federal Home Loan Bank of Des Moines Affordable Housing Advisory Council. I am proud to represent North Dakota and look forward to bringing that perspective to the Council. I believe my perspective and experience across the economic and community development field will be an asset to the Council, benefiting not only North Dakota but all the states and territories FHLB Des Moines serves,” Ekstrom said.

Advisory Council’s Impact: Creating Programs and Setting Targets

The 15-member Affordable Housing Advisory Council advises the Bank on the affordable housing and economic development needs throughout the district. The Council assists FHLB Des Moines on the creation of programs and the setting of targets for its community investment activities. Ekstrom is very familiar with the Council’s impact and he’s eager to contribute to its work.

“I am looking forward to my role on the Council. FHLB has had a significant impact on affordable housing within North Dakota providing more than $16.7 million in grants helping to create or maintain 2,319 affordable housing units. Many of the projects that have received funding from FHLB would not have been completed had that funding not been there. I am hopeful that my service on the Council will assist the Bank in continuing and expanding their efforts to create and maintain affordable housing across the region.”

Ekstrom has has worked for Lewis & Clark Development Group since 2001. He has served as executive director since 2014. A current priority for the organization is multi- and single-family affordable housing development throughout the state of North Dakota.

In addition, he serves on several boards and committees, including the National NeighborWorks Association Board and Midwest Minnesota Community Development Corporation New Markets Tax Credit Advisory Board, the North Dakota Association of Non-profit Organizations and the Native American Development Center loan committee.

Ekstrom has a Bachelor of Science in Accounting from Minot State University and a Master of Business Administration (MBA) from the University of North Dakota.

For a full list of the FHLB Des Moines Advisory Council members, please visit the Bank’swebsite.

Source and Credits:Federal Home Loan Bank of Des Moines