Funding addresses affordable housing

Investment expands financial literacy access

Wells Fargo hosted a panel and workshop on Wednesday, Aug. 20, announcing a $1.2 million investment in longtime partner Beyond Shelter, Inc. by the financial company and the Wells Fargo Foundation to support affordable housing developments, along with the donation of a former branch property for senior housing.

Of the $1.2 million, $1 million will go toward Beyond Shelter and $200,000 will go to Junior Achievement North to expand financial education access across the state for students.

Minot is currently facing a growing shortage of affordable housing and at the same time, is predicting a population expansion due to upcoming military projects, according to Minot City Council President Stephan Podrygula. He said that those military members and families may stay in the city for decades, which is much different than the oil population upswings that the community is accustomed to.

Podrygula went on to explain that the city has a limited availability of housing, especially for those who are of advanced age or limited mobility and how that ties into the expected growth. Moreover, the city council is prioritizing an increase of available and accessible housing to handle the matter.

"Affordability is a major problem throughout our country, but it’s huge in our region due to the demographic trends of people, especially older adults or older residents," Podrygula said. "In the next few years, the situation will be made worse by the influx of workers from the Air Force's Sentinel missile project. We expect thousands of workers, families and new residents."

Beyond Shelter is a nonprofit organization based in North Dakota that is focused on affordable housing and assisting communities in meeting their needs, whether that be senior housing, supportive housing, rehabilitation or preservation according to its website. Supporting the nonprofit for several years now is Wells Fargo. The financial company is focused on economic growth, affordable housing and work initiatives according to Jason Rosenberg, Head of Public Affairs for the company.

"We think about growth on behalf of our clients, our employees and our communities, like here in Minot," Rosenberg said. "Affordable housing is not something that is only for workforce housing, nor is it only for student housing. People in their late years and seniors need affordable housing solutions in every community."

Spearheading the financial literacy crisis among young adults, the nonprofit from Colorado, Junior Achievement hosts pop-ups and classes in schools and around communities to set students up for success in order to contribute to local economies.

"There’s so much talent in North Dakota, we want students to be able to see themselves staying here," Kumar Balasubrahmanyan, vice president of Innovation for Junior Achievement North, said.

The company aims to drive economic mobility throughout North Dakota, ensuring that students feel comfortable and competent facing their future financial adulthood. Building a foundation of knowledge such as credit, budgets, debt, interest rates and investments is important early on because most students don't get introduced to those concepts until they become adults, according to Balasubrahmanyan.

The pop-up simulation at the event on Wednesday gave insight to how Junior Achievement North operates in teaching students using different real world examples of a financial situation. Students get hands-on practice on what the financial world as an adult is like. They get to budget and understand what different things cost, like childcare, transportation, housing, and they get to try-out some of those scenarios in a safe environment. It gives students a chance to make mistakes and find success in a learning environment.

In terms of the schools Junior Achievement North is partnering with, Melinda Padilla Lynch, manager of North Dakota Relationships with Junior Achievement North, explained that they are in contact with a handful in and around the city.

Balasubrahmanyan said the program is volunteer driven so students get the opportunity to learn from someone in their community.

"When families have stable housing, children have a stronger foundation from which to succeed and when young people have access to financial education and career readiness, we are hoping to prepare for a future," Brandon Dettlaff, executive director of the North Dakota Housing Finance Agency, said. "Those things are connected. Strong communities need housing people can afford, a strong workforce and young people prepared to build their futures."