MISSOULA — This year Montana was selected to be a part of a special program run by the Federal Home Loan Bank of Des Moines.
In states with high poverty levels, the Iowa bank works with financial institutions to offer local non-profits a 3-to-1 match on whatever amount the financial institution normally donates to the non-profit.
Missoula's First Security Bank was able to give out over $800,000 to local non-profits.
“We had no idea what to expect. We became familiar with it towards the beginning of this year and they kind of told us what it was about and we jumped on it and said, well, let's take advantage of the best we could." He continued, "[We received] 45 applications, and 45 applications were approved," President and CEO of First Security Bank in Missoula Scott Burke told MTN.
Non-profits in Missoula, Ravalli, and Sanders counties will be getting a boost to support the communities they serve. One organization is Missoula’s Homeword.
“We create sustainable communities by building homes that Montanans can afford across the state. We're in 14 different communities," Interim Executive Director Karissa Trujillo detailed.
Homeword teaches first-time homebuyers, financial, and post-purchase classes.
"Our first-time home buyer education class is really meant to teach folks what they're going to be experiencing when they purchase their first home. It's meeting realtors and lenders, learning about what appraisers are going to do, and the entire process" Trujillo explained.
"We certainly talk about budgeting, but we also go into tax strategy and investment and how to make sure that you're managing your insurance correctly for your budget, like everything across the board," said about the financial class offered by Homeword.
Their post-purchase class is new and is taking place on April 6 and April 7, 2024.
Trujillo excitedly said, "The goal of our post-purchase class is to kind of help folks understand how to access the equity within their home to increase sustainability."
Homeword frequently works with First Security Bank and says they feel supported in their partnership.
"The message that we received from First Security Bank was that they just believe in everything we do. They love the classes that we teach. They love the homes that we build for Montanans,” expressed Trujillo.
The funds Homeword is getting will go towards their classes but also to spruce up their buildings for residents. Trujillo noted that Homeword has over 1,500 apartments across the state.
“Our properties have restricted rents, but the cost of repair is the same. So if a window breaks, we pay the same to replace that window, even though we charge our residents lower rents than market rents.”
As thankful as Homeword is for the money, First Security Bank is grateful to be able to help.
"Oh my gosh, it is. It makes me feel so happy and very proud," Burke shared. "Also, I'm happy that we're able to do this for [the] communities that we all serve.”
To sign up for Homeword's new post-purchase class or learn more about their housing opportunities visit their website.
