First Bank of Montana, in partnership with Federal Home Loan Bank of Des Moines, Iowa, (FHLB Des Moines), has awarded the Choteau Area Port Authority a $10,000 grant from the FHLB Des Moines Member Impact Fund and First Bank of Montana.
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, according to a press release from the company. 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. This is the second year that FHLB Des Moines offered the Member Impact Fund, which is designed for members to directly strengthen communities within targeted areas in its district.
First Bank of Montana’s Branch President Lyle Hodgskiss said, “The Choteau Branch of First Bank of Montana is pleased to be able to support the Choteau Area Port Authority with this donation. The CAPA group has worked hard on a number of issues that need addressed in our community and these funds will assist them with their housing development program to improve primary residences in our community. It is really individuals that are committed to working through an organization such as CAPA that help to keep Choteau vibrant and strong. Thank you to those who volunteer their time and skills, it is greatly appreciated.”
The Choteau City Council created the Choteau Area Port Authority and appointed its five-member board to focus on economic development and community enhancement. Projects supported by the Port Authority include tourism branding and marketing, childcare, community infrastructure, recreation and housing.
Grant will be used to further the CAPA’s housing development projects initiated in 2020. The CAPA has targeted both single family housing and multi-family housing as significant needs in the community through public meetings and a community assessment. They have received a federal/state Community Development Block Grant for single family housing and will use these Member Impact funds to continue development of multi-family housing.
First Bank of Montana, in partnership with the FHLB, donated $420,000 to 13 non-profit organizations across central Montana. For this grant, First Bank donated $2,500 and FHLB donated $7,500.
In addition to First Bank of Montana’s participation in this program, all Montana divisions of Glacier Bank, in partnership with the FHLB, donated $2,048,600 to 100 non-profit organizations and government entities across the state of Montana.
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.
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, said, “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.”
