Gate City Bank recognized with Affordable Housing Award for ND
14 affordable housing loans were processed by Gate City Bank in the Jamestown area in 2022.
FARGO — Gate City Bank was recognized with the 2022 Champion of Affordable Housing Award of Excellence by the North Dakota Housing Finance Agency (NDHFA). The award recognizes exceptional contributions in promoting affordable homeownership across the state, especially through outstanding delivery of NDHFA’s programs.
“We’re beyond grateful for our beautiful partnership with NDHFA. Together, we’re creating a better way of life by making affordable homeownership a reality for countless people across North Dakota,” said Jalyssa Sorenson, vice president of mortgage operations at Gate City Bank. “Many struggle to navigate the complexities of affordability in today’s housing market, and this is a great way of helping them achieve their dreams of finding home sweet home.”
Thanks to its work with Gate City Bank and other community partners, in 2022 alone NDHFA helped 1,460 individuals and families buy their first home. Of that number, nine affordable housing loans were processed in Jamestown and five others in the surrounding area, said Michelle Neumiller, mortgage loan officer at Gate City Bank in Jamestown.
With interest rates on the rise and home-sale prices up more than 50% over the past decade, the agency added that 70% of its borrowers use its down payment and closing cost assistance.
Gate City Bank services loans locally.