BISMARCK, N.D. (August 23, 2005) — U.S. Bank is providing a $250,000 equity investment to CommunityWorks, a non-profit housing assistance organization in Bismarck, N.D. The investment dollars will be used for the nonprofit's “DREAM fund” revolving loan program.
DREAM is an acronym for Down payment and closing costs, Rehabilitation loans, Emergency repairs, And other construction costs, Mortgage assistance for income and appraisal gaps.
“CommunityWorks is currently offering affordable housing assistance and services in 34 counties in North Dakota, and this investment from U.S. Bank will provide significant capacity for us to reach all parts of the state,” said Paul Rechlin, executive director of CommunityWorks.
“U.S. Bank is committed to the long-term growth and stability of our communities in the state of North Dakota, and providing this investment towards the efforts of CommunityWorks will serve to assist prospective and current homeowners with needed programs,” said Ron Robson, state president of U.S. Bank in North Dakota.
The mission of CommunityWorks is to develop and promote programs and activities that will provide affordable housing for low and moderate income residents of North Dakota and Corson County, South Dakota.
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