The North Dakota Housing Finance Agency has selected seven projects for its Rural Housing Investment Incentive Pilot program.
The demonstration program provides a dollar-for-dollar match for private-sector investment in communities with fewer than 5,000 residents with a demonstrated need for housing.
The goal is to spur development in small communities and provide critical soft funds to help projects close the financing gaps that are often huge obstacles, especially in rural housing.
Projects receiving the pilot program funding include:
- Maddock: $50,000 to Lutheran Social Services (LSS) Housing, Inc., for the rehabilitation of a foreclosed and uninhabitable structure into eight units of rental housing. The project will benefit local businesses trying to attract employees.
- New Rockford: $50,000 to the Eddy County Housing Authority for the construction of a four-unit rental property. The project will begin to address a demonstrated need for housing for individuals and young families.
- Parshall: $50,000 to LSS Housing, Inc., for the construction of 20 rental units. The project will redevelop two abandoned sites that are unproductive and address a demonstrated need for workforce and affordable housing.
- Stanley: $100,000 to LSS Housing, Inc., for the rehabilitation of an uninhabitable structure into 16 rental units. The project will provide affordable units for low- and moderate-income seniors and working-age households.
- Underwood: $15,000 to the Underwood Economic Development Corp. for a new single-family home. The funds will help fill the gap between the cost of construction and the value of the completed property.
- Velva: $38,366 to Whitetail Properties, LLC, for the rehabilitation of an uninhabitable structure into three rental units. The project addresses a demonstrated shortage of affordable units in the community.
- Wishek: $96,634 to Wishek Home for the Aged for the construction of eight assisted-living units. The community has a demonstrated need for this type of housing for the elderly. In turn, this will free up existing single-family homes in demand by younger households.