31 Jan 2023
News, Featured Loans
Four entities in Alcester, SD recently secured REED Fund grants for important projects and upgrades that will benefit the community. 1st Financial Bank USA looked to the REED Fund to find communities in southeast South Dakota that needed money for projects, then provided them with the funds to distribute to the selected entities.
“Working with and helping rural communities in this region is one of REED’s founding principles,” said Eric Fosheim, Economic Development Manager for the REED Fund. “We love the fact that we can partner with organizations such as 1st Financial Bank USA to help communities like Alcester reach their goals.”
Chairman of the Alcester Housing & Redevelopment Commission Jared Driesen said that the REED Fund was interested in seeing what funding could do for Alcester. The REED Fund distributed the grants to four entities in Alcester. They allotted $2,000 to each of them, coming to a total of $8,000 toward improving certain aspects of the city.
“As the Chairman of the Alcester Housing & Redevelopment Commission, I approached Eric Fosheim with the REED Fund for some help with our first Governor’s House project,” Driesen said. “They provided a grant to bring the utilities to the foundation of the home.”
The grant ultimately assisted Alcester Housing & Redevelopment Commission in bringing utilities to a new Governor’s Home with anticipated arrival in late 2024 or early 2025. The Governor’s House program was created by South Dakota Housing Development Authority (SDHDA) to provide affordable housing to seniors, individuals with disabilities, and those who have low-to-moderate income.
“When completed, this will help us be able to offer the home to a low-to-moderate income family,” Driesen said. “Eric Fosheim of the REED Fund then asked how else they can help the community.”
Driesen met with some local community leaders and they decided on three other important projects the money could go toward.
“Two additional projects to expand housing, as well as new lighting for our EMS/Fire Station, were approved by the REED Fund,” Driesen said. “The $8,000 grant is much-needed seed money to expand affordable housing and support our EMS/Fire volunteers.”
One-fourth of the money went to Alcester Industrial Park to help pay engineering fees toward the surveying of 17 acres into a new street and housing development.
The portion of the funds that went toward the installation of new lighting in the Alcester Fire & Rescue station is being used carefully. The local electrician happens to be a fireman who is donating most of the labor for the installation to make the most out of the funds received.
The fourth recipient was the City of Alcester. The money helped them to order a housing study through the South Eastern Council of Governments (SECOG).
“Eric Fosheim of the REED Fund was great to work with,” Driesen said. “It’s all excellent seed money, that little bit extra that helps get that project done.”
Alcester is located in northern Union County, SD. Approximately 800 people call Alcester home. Citizens take pride in this small town, especially its excellent school system.
If you live or work in Alcester or another rural area in South Dakota, you can contact the REED Fund to discuss housing project grants. We can be reached at (605) 256-4536 and we are always happy to offer assistance!