Helping Homeword Help Others
When the contract for a full city block on Cooley Street fell through, and the owner posted a “For Sale” sign on the property, Homeword jumped at the opportunity to do something to address Missoula’s affordable housing challenges. Clearwater Credit Union was happy to support them.
Homeword, a nonprofit that both helps people build their financial chops and develops affordable housing throughout Montana, needed financing right away to acquire the $1.1 million property. Clearwater pitched in with a loan for $855,000. Homeword raised the rest.
Bridging the Gap to Affordable Housing
“Time was of the essence,” said David Rook, our Senior Vice President of Business Banking. “They did some fundraising on their end, and we bridged the gap.”
“Homeword appreciated the help,” said Andrea Davis, a lifelong Montanan and Executive Director of Homeword. “We have put together a big, visionary project, and to make it happen, we needed a real estate loan at a reasonable cost.”
Building a future together
Homeword bought the land for what’s now known as the Trinity Affordable Housing Project in August of 2019.
The approximately $40 million project has helped make over 70 units available on Cooley Street near the Burns St. Bistro and 130 units on about 4.5 acres near the detention center on Mullan Road. Homeword and the Missoula Housing Authority co-own the properties
Rook said the Homeword project fits in with our values. “Homeword does a great job providing housing for people who can’t otherwise afford it,” he said. “It’s really important to us to make that difference. If it’s financially feasible, we have a responsibility to try to make an impact.”
The Cooley Street project at the former Skyview Trailer Park in Missoula’s Westside neighborhood will include 30 permanent housing units for people currently living on the streets who presently rely on emergency services as their safety net. At Cooley Street they will not only be housed, they’ll have access to a full suite of mental health, healthcare, and other services on-site 24 hours a day, Davis said.
“It is an approach that’s meant to provide a safe, healthy home for our most difficult to house, chronically homeless neighbors,” Davis said
I’m glad we could help them
David Rook
Senior Vice President of Business Banking
I’m glad we could help them acquire the property and get the ball rolling on this project
This story was originally published June 22, 2020