Rapid City bank donates foreclosed property

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The economy has been tough on many people trying to pay their mortgage. Almost overnight a family home can turn into bank property.

But a KOTA Territory bank looks to turn the negative of a foreclosure into an opportunity for another family.

Saturday, Wells Fargo Bank hosted a ribbon cutting at 716 Willsie Avenue in Rapid City.

The bank owned the foreclosed, condemned house for a number of years.

After having difficulty selling it, they decided to donate it to Dakota Home Resources, a nonprofit group that assists in providing safe, affordable housing.

A local contractor will demolish the structure, and another home will be built here.

"This is a great opportunity for some family to come in and get a low interest rate loan to be able to have a house to live in," said Steve Conzet from Wells Fargo.

Conzet estimates construction will take six months, and the house should be ready by the fall.

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Rapid City bank donates foreclosed property - KOTA Territory News

Rapid City bank donates foreclosed property

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