Building Hope With Affordable Housing in Fargo-Moorhead.

The Fargo-Moorhead area has experienced rapid population growth, which has led to increased housing demand and an affordable housing shortage. This has resulted in community leaders recognizing a need for the CCCLT.

Launched by the FM Area Foundation in 2020, the trust leverages public and private funds through strategic community partnerships that help by ultimately providing sustainable and affordable housing. In terms of how it works, the trust permanently owns the land, some of which is donated by the city, for an average cost of $50,000. The land is then leased to the buyers, who are able to purchase the home at a below-market cost, which helps lower their monthly payments.

“Everyone deserves a place to call home,” says Kevin Hanson, Gate City Bank President & CEO. “This nonprofit partnership has been truly amazing, opening the door to long-term affordable housing solutions for families who need them most, all while creating a better way of life in our communities.”

Helping With Expenses and Expertise.

Knowing many hardworking people aren’t making enough money to qualify for purchasing a median-priced home, we gladly became a partner in the initiative, pledging a total of $50,000 over five years. We see this as an opportunity to create a better way of life by providing a viable, sustainable and long-term housing solution.

Our own Jalyssa Sorenson, Vice President of Mortgage Operations, even serves on the trust’s board of directors. She’s beyond excited to help program participants achieve the homeownership they’ve worked so hard for.

“I have seen so many people struggle to navigate the complexities of achieving homeownership in today’s housing market,” Sorenson says. “This is such a great way to help keep homes affordable.”

Combining Forces for Good.

When it comes to Gate City Bank’s support of CCCLT, the goal has always been to maximize our financial impact as much as possible, which is why we took things to the next level by pursuing a grant-matching program alongside Federal Home Loan Bank of Des Moines (FHLB Des Moines). Through this unique partnership, FHLB Des Moines contributed $3 for every $1 donated by us, which led to a $40,000 boost for the trust.

In addition to significantly relieving the burden of operational and administrative costs, these extra funds have proved crucial to helping multiple clients cover down payments, often the final hurdle in their journey to securing a home. When CCCLT Executive Director Trenton Gerads learned about the additional funds, he was ecstatic.

“Gate City Bank truly embraces our mission and understands that owning a home is one of the most powerful ways a family can invest in their future. We can’t express our gratitude enough for their efforts,” Gerads says. “The bank has gone above and beyond for us since day one, adjusting its budget and timeline to ensure we receive necessary funding, and knowing that the impact of those funds will increase over time by inspiring forever-affordable homes for multiple applicants seeking to build equity.”