Herreid Area Housing Development Inc. Established $100,000 Endowment Fund
December 6, 2023 // Grants, Nonprofit Savings Accounts
Herreid Area Housing Development, Inc. (HAHD) recently completed fundraising $80,000 to establish a permanent endowment fund at the South Dakota Community Foundation (SDCF) and was awarded $20,000 in matching funds from SDCF’s Nonprofit Savings Account grant program. Endowment funds are invested over time and earnings create a long-term revenue source to support the organization.
"Housing development needs to be an ongoing effort for small rural communities to grow. Housing development is a marathon, not a sprint. The Herreid Area Housing Development Inc. organization truly appreciates the NSA Challenge provided by the South Dakota Community Foundation to assist our community with this housing development marathon challenge. The NSA is another housing development tool in our organization’s toolbox," says Dick Werner, President of Herreid Area Housing Development Inc.
HAHD has built and sold three spec homes since inception of the organization in September of 2016. These spec homes include one stick-built home and two governors houses. These three spec home sales resulted in 18 new residents in the city of Herreid. HAHD assisted these new homeowners with down payment grant assistance from the Herreid Economic Development Corporation, GROWSD, and Homes Are Possible Inc. (HAPI). HAHD acquired a rural development 8 plex apartment complex in 2017 and invested $50,000 in remodeling the facility. HAHD also acquired a housing redevelopment commission 4 plex apartment facility in 2020 and built a twin home in 2021. Currently, HAHD has 14 rental units and one independent contract for the management of these properties.
“We are proud to partner with HAHD in creating a long-term funding source to address the workforce housing need,” says Ginger Niemann, SDCF Senior Program Officer.
Donations to the existing Nonprofit Saving Account for Herreid Area Housing Development Inc. are invested along with other SDCF endowed funds. A percentage of the fund’s value is made available annually for their organization to distribute to support the mission of their nonprofit. As the fund grows, so will the amount available to give back to HAHD. If you would like to donate to the HAHD endowment, please visit https://www.sdcommunityfoundation.org/giving/support-an-existing-fund
SDCF is a public non-profit organization established in 1987. SDCF, with offices in Pierre, Rapid City, Sioux Falls and Aberdeen administers 1,200 funds benefiting hundreds of charitable organizations annually. The Foundation distributed nearly $30 million in grants in 2022 which made a tremendous difference in communities statewide. This would not have been possible without the generosity of our donors. If you have a specific cause you would like to support or would prefer to give for the general good of our state, please visit https://sdcommunityfoundation.org/giving to learn more or call 1-800-888-1842.