The Gallatin Housing Impact Fund, an affordable housing initiative in the Gallatin Valley, has recently secured a substantial injection of funding of $250,000 from the Federal Home Loan Bank of Des Moines (FHLB) and its local members. By receiving this support, The Gallatin Housing Impact Fund can continue to preserve and expand local housing solutions.
For every $1 contributed by local members, the FHLB contributed $3. Local member institutions Stockman Bank, First Security Bank, Bank of Bozeman, Clearwater Credit Union, Intrepid Credit Union, and Opportunity Bank of Montana all contributed and secured the FHLB match.
“We are pleased to have helped secure $100,000 for the Gallatin Housing Impact Fund through our partnership with FHLB Des Moines,” said Paul Pahut, Southwestern Market President for Stockman Bank. “Montana is built on strong, vibrant and healthy communities. It’s important that we ensure all Montana families have a safe and affordable place to call home.” Suzi White, Commercial Lender with First Security Bank, added, “First Security Bank is proud to help fund our friends at NeighborWorks in their mission to strengthen Montana communities through affordable housing and financial education. Together, we are committed to fostering sustainable neighborhoods and empowering individuals to reach their financial goals.”
The initial goal of the Gallatin Housing Impact Fund is $10 million, with $5 million now secured from 10 different investors, including banks, credit unions, individuals, and the City of Bozeman. The fund first supported Family Promise of Gallatin Valley in their recent property purchase and has since lent funds to two affordable rental development projects, the Lumberyard Apartment complex and North 3rd and Peach Apartments, bringing 371 homes to the community for individuals at or below 70 area median income (AMI).
The fund is being managed by NeighborWorks Montana (NWMT), a nonprofit organization whose mission is to provide education and financing that gives every Montanan the opportunity to live in a home where they can thrive. “We are thrilled to be awarded this additional funding, which will play a crucial role in advancing ongoing efforts in the Gallatin Valley to create a more inclusive and resilient community,” said Kaia Peterson, Executive Director of NeighborWorks Montana. For every dollar loaned through the fund, NWMT anticipates $8 of total development impact. This means a $10 million fund will help advance over $80 million in the development of affordable homes, creating and preserving approximately 850 units of housing.
NWMT and current fund investors extend their deepest gratitude to the Federal Home Loan Bank of Des Moines for their generous support and commitment to community development. As the Gallatin Housing Impact Fund grows, we can envision a brighter future for the Gallatin Valley, where every individual has access to safe, stable, and affordable housing.
For more information about the Gallatin Impact Fund and its initiatives, please visit https://www.nwmt.org/lending/gallatin-impact-fund/.