Sat, Apr 25th, 2020 - 2:25pm
May 30, 2020 - 4:07pm | By Chris Larson
The North Dakota Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has made more than $1.8 million in conditional funding commitments through the state’s Housing Incentive Fund (HIF) to two new affordable housing projects.
“Focusing the state’s development resources on senior housing helps to ensure older North Dakotans are able to live safely and comfortably,” said members of the Commission in a joint statement. The Industrial Commission, consisting of Gov. Doug Burgum as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA.
NDHFA awarded $1,289,527 to Lakeland Court Apartments II for the new construction of a 24-unit senior housing project. The Devils Lake, ND, project is expected to begin construction this summer.
Prairie Ridge Residences was awarded $549,667 to support the new construction of a 120-unit senior project. The Fargo, ND, project will need to secure additional financing before construction begins.
HIF strengthens communities by supporting the development or preservation of rental housing for low- to moderate-income households. The application process for the program is competitive with the top-scoring projects receiving the awards.
“The dollars available during this funding round were due to a turn back of assistance from a developer who was no longer able to move a project forward,” said Dave Flohr, NDHFA’s executive director. The agency received three applications for the available funds.
Since HIF’s 2011 inception, more $97 million has been allocated to 88 projects, leveraging more than $492 million in construction financing to support the development or rehabilitation of 2,790 housing units statewide. Affordable housing development programs administered by NDHFA have allocation plans that are reviewed annually to ensure that the projects that receive financial awards address North Dakota’s greatest housing needs.
Each applicant must provide evidence that there is a need for the type of housing proposed, that the community supports the project, and that construction costs are reasonable.
More information about HIF or other development programs administered by NDHFA and the projects awarded assistance is available online at www.ndhfa.org.
