BOWMAN, ND – Project partners gathered here Friday afternoon to celebrate the construction of The Landing, a Lutheran Social Services Housing development that will provide affordable rental housing for individuals and families, as well as clients of ABLE Inc.
“We are thrilled to have this project underway,” said John Phillips, Lutheran Social Services Housing real estate development specialist. “The Landing has received broad community support, for which we are very grateful.”
The Landing received a $936,264 funding commitment from the Housing Incentive Fund (HIF) which was backed by 37 contributions from taxpayers. The largest contribution, $275,000, was made by Dakota Western Bank. The local bank also financed the development’s construction.
“We are very appreciative of Dakota Western Bank’s assistance and all the contributions the project received,” said Mary Anderson, ABLE Inc. executive director. “This generosity will enable us to create better housing opportunities for people with disabilities.”
HIF, administered by the North Dakota Housing Finance Agency (NDHFA), provides low-cost financing to developers of affordable multifamily housing. Taxpayers that contribute to the fund receive dollar-for-dollar state tax credits. Contributions can be directed to a specific project or community.
“Providing quality housing for households of modest means is one of North Dakota’s top priorities,” said Max Wetz, NDHFA director of public affairs. “The agency is pleased to be able to provide financial assistance to this very meaningful project.”
The development also received $1.2 million from NDHFA through the federal Neighborhood Stabilization Program. The support provided by the housing agency will allow for reduced rents in the 10 units occupied by lower income households.
Additional support was provided by ABLE Inc. donating the land the project will be located on, an $89,000 value; and The AgriBank providing a $25,000 grant through its Rural Community Grant Fund.
The Landing will consist of six one-bedroom, 14 two-bedroom and six three-bedroom units. The total cost of constructing the three-story building is estimated to be $3.5 million. Lutheran Social Services Housing anticipates that construction will be completed by Aug. 2014.
NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota. The agency recently announced that it has made funding commitments to 34 new HIF projects. NDHFA must capitalize $20 million in tax credits to ensure that these projects can also move forward. More information on HIF is available online at www.ndhousingincentivefund.org.
Lutheran Social Services Housing, Inc., a program of Lutheran Social Services of North Dakota, supports the continued vitality of the state’s smaller communities by providing nonprofit affordable housing and housing-related services, with more than 20 rental housing projects currently completed and/or under management and several additional projects in various stages of development.
Lutheran Social Services of North Dakota, guided by a spirit of service, is a statewide social services agency serving thousands of North Dakotans in need of affordable housing, food, disaster recovery, counseling and therapy and other programs that strengthen individuals, families and communities without regard to clients’ race, religion, gender or economic status.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA.