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Flathead Business Newsmakers

| March 31, 2024 12:00 AM

Stockman Bank awards affordable housing grants

Stockman Bank, a member of the Federal Home Loan Bank of Des Moines, has selected 11 Montana organizations to receive Competitive Affordable Housing Program grants totaling $920,000, to help Montana families find a safe and affordable place to call home. 

The grants were made possible through FHLB De Moines’ Member Impact Fund. 

Through the Fund, money donated by Stockman Bank was matched by FHLB Des Moines, up to three dollars for every dollar provided, resulting in the following grants: Blackfeet Housing Authority, $80,000; Chippewa Cree Housing Authority, $80,000; Community Action Partnership of Northwest Montana, $80,000; Great Falls Development Authority, Inc., $80,000; Habitat for Humanity Mid-Yellowstone Valley, $100,000; Homeword, $80,000; Little Shell Tribe of Chippewa Indians of Montana $80,000; NeighborWorks Montana, $80,000; Gallatin County Housing Impact Fund, $100,000; Richland County Housing Authority, $80,000; and Snowy Mountain Development Corporation, $80,000.

“Montana is built on strong, vibrant, healthy communities, “ stated Bill Coffee, CEO of Stockman Bank. “As a Montana, family-owned, community bank, we believe quality, affordable homeownership is key to making our communities better places to live and work. We appreciate FHLB Des Moines collaborating with us to provide much needed funding to these 11 affordable housing and community development organizations.”

FHLB Des Moines returns 10% of its net income annually to assist with housing needs throughout its district, consisting of 13 states and three U.S. Pacific territories. This year, 60 projects totaling more than $46 million were awarded through the AHP. Five million dollars of the $46 million were voluntarily contributed.