BISMARCK, N.D. – The North Dakota Industrial Commission announced today that nine projects have received funding commitments from North Dakota Housing Finance Agency (NDHFA) to support the construction or rehabilitation of almost 500 affordable housing units statewide.
NDHFA allocated $3.8 million in federal tax credit authority through the Low Income Housing Tax Credit (LIHTC) program. When syndicated, the credits are expected to generate more than $34 million in project equity. NDHFA also awarded $2.7 million through the National Housing Trust Fund (HTF) and $7.25 million from the state’s Housing Incentive Fund (HIF).
“The funding commitments made by North Dakota Housing Finance Agency support the development of projects in communities large and small that will provide safe and affordable housing for our state’s most vulnerable households,” 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.
About the Projects
Lutheran Social Services Housing Inc. was awarded $800,000 from HIF to support the redevelopment of Boulevard Avenue Apartments, preserving 108 units of affordable housing in Bismarck, ND.
The Independent Order of Odd Fellows of North Dakota was awarded $776,000 in credit authority through the LIHTC program to support the redevelopment of IOOF Retirement Village I and II. The project preserves 78 units of supportive senior housing in Devils Lake, ND.
Phase 2 of the Lakeland Court Apartments project in Devils Lake, ND, was awarded $1,289,527 from HIF. The SW Design Build Inc. project will create 24 new, senior-friendly housing units.
Elliot Place, a Fargo Housing and Redevelopment Authority project, will create 84 new units of supportive senior housing. NDHFA awarded the project $1,128,016 in credit authority through the LIHTC program, $2.2 million from the HTF, and $3 million from HIF.
Homefield 3, the final phase of a Beyond Shelter Inc. (BSI) supportive senior housing development, was awarded $720,274 in credit authority through LIHTC. The Fargo, ND, project will provide 39 new units.
Commonwealth Development Corporation was awarded $720,000 in credit authority through LIHTC to support the development of Eagle Flats in Jamestown, ND. The project will create 33 new homes for families including seven supportive housing units that will be reserved for households at risk of homelessness.
Souris Heights, a 54-unit supportive senior housing complex that will be developed by BSI in Minot, ND, was awarded $1,757,026 through HIF.
A substantial rehab of Courtyard Apartments in Rugby, ND, received a $400,000 award through HIF. The Affordable Housing Developers Inc. project preserves 20 units of affordable rental housing.
The Housing Authority of Cass County was awarded $791,719 in LIHTC program credit authority and $500,000 through the HTF to develop Sierra Townhomes. The West Fargo, ND, project will create 38 new housing units, including nine units of supportive housing for families at risk of homelessness.
About the Programs
LIHTC provides an indirect federal subsidy used to finance the construction or rehabilitation of rental housing for lower-income households. The purpose of the HTF is to increase and preserve the supply of housing for extremely low-income households including homeless families. HIF strengthens communities by supporting the development or preservation of rental housing for low- to moderate-income households.
The application process for each program is competitive with the top-scoring projects receiving the awards.
“We had a robust spread of requests for funding this year, with all of our programs receiving applications for more than twice the funding available,” said Dave Flohr, NDHFA’s interim executive director.
The 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. The period of affordability for the projects receiving federal funds is 30 years; HIF’s minimum period of affordability is 15 years.
More information about the development programs administered by NDHFA and the projects awarded assistance is available online at www.ndhfa.org.