GRAND FORKS, ND – Demand for affordable senior housing in Grand Forks is high. Some of the first residents of a new apartment complex got a sneak peak today during an open house of where they’ll soon be living. The tenants will begin moving into Valley Memorial Homes’ development on June 23.
“Cherrywood Village rounds out the continuum of care available on our Tufte Manor campus, offering affordable housing for independent, low-income elderly households,” said Nancy Andrews, Director of Housing and Assisted Living for Valley Memorial Homes. “We are excited to welcome the first tenants, to be able to provide for their housing needs.”
Located at 3350 Cherry Street, the $5.2 million development was supported by the North Dakota Housing Finance Agency’s (NDHFA) Housing Incentive Fund (HIF) and the U.S. Department of Housing and Urban Development’s Section 202 grant program.
Capitalized by contributions from state taxpayers, HIF provides low-cost financing to developers of affordable multifamily housing. US Bank contributed $1.2 million to HIF in December 2011, requesting that $500,000 be directed to the Valley Memorial Homes’ project. Contributions can be directed to a specific project or community.
The two-story complex has 30 one-bedroom apartments for households age 62 and older. Four of the units are reserved for households that earn no more than 30 percent of Area Median Income (AMI) meaning that an individual’s annual income could not exceed $14,670. The remaining units are for households earning less than 50 percent of AMI or $24,450 for an individual.
The Grand Forks Housing Authority (GFHA) is the development’s property manager, responsible for ensuring that the tenants are income qualified. GFHA anticipates there will be a waiting list for the apartments. Parties interested in learning more about Cherrywood Village should contact the housing authority at (701) 746-2545.
Valley Memorial Homes is a Christian, non-profit organization providing long term care services for residents of Grand Forks and outlying communities. A partner with 25 area Lutheran congregations, Valley Memorial Homes is celebrating its 90th year of service. Valley Memorial Homes has six facilities located on three campuses throughout Grand Forks.
NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota. The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the agency. More information about NDHFA is available online at www.ndhfa.org or by calling 800-292-8621.