Black mold growth question?

My question regards the growth of black mold. I live in Minnesota, where it rains periodically in the summer (which it is now) and snows for about six months. Anyway, I have sort of a double layered window, it's hard to explain, but there are supposed to be two windows on the outside of this little pane, and two on the inside. However, when we moved into this house, one of the windows on the outside was missing, and allowed water and snow to damage the pane, it's gotten so bad that some of my wall next to the window is rotting away and opening up. Since it's made of wood, and other seemingly porous material, and from the heat of the summer, does it seem likely black mold could have grown in there? Is it possible? Every time it rains, it also gets the same area wet, making it worse, does this promote mold growth?