Bell Bank awards $250K to affordable housing developer

Fargo, N.D.-based Bell Bank awarded $250,000 to nonprofit affordable housing developer Beyond Shelter, Inc. 

The donation was part of a $2.3 million grant through the Federal Home Loan Bank of Des Moines’ Member Impact Fund, which offers a leveraged program for affordable housing and community development initiatives with the chance for a 3-to-1 match.

Bell Bank has worked with Beyond Shelter since CEO Dan Madler started with the nonprofit in 2003, when the bank was known as State Bank of Fargo. Beyond Shelter was looking to create a revolving fund for predevelopment, which is considered costly because of the expenses for site selection, land acquisition and holding the land until the affordable housing project is approved and funded.  

Beyond Shelter has developed affordable housing projects in North Dakota, Minnesota and South Dakota. “Predevelopment involves a lot of up-front costs,” Madler said. “This revolving fund will help us research and respond to the market, acquire land when it is available, and handle related holding costs. We can also put more equity down. Eventually, the money comes back and is reinvested for the next project.”