Fargo, ND – First Western Bank, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is pleased to announce that Beyond Shelter, Inc will receive a $250,000 grant from the FHLB Des Moines Member Impact Fund. This matching grant program, which was introduced in 2023, will provide nearly $20 million to eligible organizations in order to strengthen communities in targeted areas of FHLB Des Moines’ district. In 2024, FHLB Des Moines increased the Member Impact Fund by $10 million.
“We are honored to partner with FHLB Des Moines to support Beyond Shelter with this grant. Both First Western Bank and Beyond Shelter serve the communities of Minot, Bismarck, and Fargo, North Dakota. This funding will allow Beyond Shelter to continue their vital work in developing affordable housing for those in need,” said First Western Bank’s President & CEO, Brenda K. Foster.
Beyond Shelter, Inc., a North Dakota nonprofit developer of affordable housing has utilized Member Impact Fund donations to capitalize a predevelopment revolving fund that will support predevelopment activities associated with the development of affordable housing. Thus strengthening Beyond Shelter’s ability to develop affordable housing for those most in need.
Dan Madler, CEO of Beyond Shelter, Inc., said, “The generous Member Impact Fund Donation from First Western Bank and the Federal Home Loan Bank of Des Moines will have a very meaningful impact on Beyond Shelter’s ability to serve the affordable housing needs of North Dakota communities.”
FHLB Des Moines provides funding solutions and liquidity to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides $3 for every $1 of an eligible FHLB Des Moines member’s grant donation to strengthen the ability of not-for-profits or government entities to serve the affordable housing or community development needs of their communities. The Member Impact Fund awards are given in partnership with member financial institutions to communities in their districts to become more vibrant places to live and work.
The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, President and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”
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The Member Impact Fund matching program is available to organizations located in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa and the Northern Mariana Islands. Member institutions in these locations submitted applications in February and March 2024; funds were distributed directly to the member institution, which then provide the funding alongside a matching grant from FHLB Des Moines for the partner/recipient organization.
Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.
About Federal Home Loan Bank of Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.
FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.
About First Western Bank
First Western Bank was founded in Minot, North Dakota, in 1964. First Western has 18 bank locations in North Dakota, Minnesota, and South Dakota and employs over 300 individuals in the communities they serve.