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ND & MN – Three local nonprofits – and those they provide affordable housing for – have 850,000 reasons to smile, thanks to Gate City Bank and one of the nation’s leading financial cooperatives.
In late March, as part of a grant-matching program aimed at stimulating affordable housing and community development – where Federal Home Loan Bank of Des Moines (FHLB Des Moines) contributed $3 for every $1 donated by Gate City Bank – the two organizations successfully earmarked $850,000 for YWCA Cass Clay, Beyond Shelter and Cass Clay Community Land Trust. The money was made possible through FHLB Des Moines’ Member Impact Fund, which Gate City Bank was proud to utilize and support.
“Having joined the Federal Home Loan Banking System in 1933, we’re truly honored to serve as FHLB Des Moines’ longest-running member in the nation,” said Kevin Hanson, President & CEO of Gate City Bank. “As the #1 mortgage lender in North Dakota, we’re also thankful for the opportunity to leverage this key partnership, which is creating a better way of life in making housing more attainable in the places we call home.”
To receive dollars from the Member Impact Fund, nonprofits across the country were nominated by members of FHLB Des Moines. That’s where Gate City Bank came in, filling out grant applications on behalf of YWCA Cass Clay, Beyond Shelter and Cass Clay Community Land Trust – organizations the bank has worked closely with over the years, and who work tirelessly to benefit communities within its footprint. The funds were allocated as such:
From emergency stays to payment assistance to homeownership, the money will be used to provide affordable housing for those who need it most. When Gate City Bank reached out to share the good news with the three chosen organizations, it was met with heartfelt words of appreciation. Each nonprofit will benefit immensely in terms of fulfilling crucial affordable housing initiatives.
“We’re grateful to stand with Gate City Bank and FHLB Des Moines to build a thriving community by empowering those who are hurting and vulnerable through affordable housing,” said Erin Prochnow, CEO of YWCA Cass Clay. “This exceptional support contributes to the health, safety and well-being of those we serve.”
That sentiment was echoed by Beyond Shelter, a Fargo-based affordable housing developer that Gate City Bank has worked closely with on financing. The funds will prove essential to creating a sense of community for those in need.
“A huge thank you to Gate City Bank and FHLB Des Moines for helping us promote affordable housing for those we serve,” said Dan Madler, CEO of Beyond Shelter. “These dollars will have a meaningful impact not only here in Fargo, but across the entire state of North Dakota.”
Cass Clay Community Land Trust was feeling the love, too, especially since Gate City Bank has been active with the organization in helping low-income families achieve homeownership in the throws of an affordable housing shortage.
“Gate City Bank understands that owning a home despite having a low income is one of the most powerful ways a family can invest in their future success,” said Trenton Gerads, Executive Director of Cass Clay Community Land Trust. “The bank has been so wonderful to work with from the very beginning, and we have greatly valued their support.”
At the end of the day, Gate City Bank believes that everyone deserves a place to call their home sweet home. It’s one of the reasons the bank has received the Champion of Affordable Housing Award of Excellence from North Dakota Housing Finance Agency for two years in a row. Without a doubt, affordable housing leads to endless opportunities and stronger communities – For a Better Way of Life.®
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