“This is a fantastic accomplishment of which everyone in New Rockford should be very proud,” said North Dakota Housing Finance Agency Executive Director Jolene Kline during an open house for Meadowlark Homes. The $1.35 million project was awarded $430,000 from NDHFA’s Housing Incentive Fund last year.
After the New Rockford City Hospital closed in 1990, asbestos was discovered and the property was condemned. The building sat vacant, becoming severely dilapidated until the New Rockford Area Betterment Corporation was able to secure a grant from the U.S. Environmental Protection Agency to clean up and prepare the site for redevelopment.
“Community meetings revealed that we needed rental housing that was suitable for long-term living,” said NRABC Director Jessica Dillon. “We needed something that would help us fill vacant positions at the school and allow older households to downsize and stay in New Rockford.”
The eight HIF-assisted units rent for $605 to $925 per month depending on households income. Five of these units are reserved for Essential Services Workers, government and medical facility staff. The two remaining units do not have income restrictions.
The City of New Rockford also approved a $70,000 property tax abatement and donated the land on which the development is located, a $30,000 value, which helped the project secure an interest-rate buy down through Bank of North Dakota’s FlexPACE program.
Located at 214 2nd Ave S, all of Meadowlark’s units are two-bedroom with attached garages and patios. The largest townhomes, the property’s end units, also have dens. Epic Management is the property manager, (701) 852-3045.
NDHFA has until Dec. 31, 2016, to raise the $3 million it needs to fully capitalize HIF and honor its most recent funding commitments. Individuals and businesses that make contributions to the program receive a dollar-for-dollar state income tax credit. Learn more about HIF online at www.ndhousingincentivefund.org or by contacting the agency at (800) 292-8621 or email@example.com.
NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota. The North Dakota Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the agency.