The North Dakota Housing Finance Agency (NDHFA) announced that it has advanced $599,966 in low-income housing tax credits to CommunityWorks North Dakota and its partner, MetroPlains, LLC, to develop a 30-unit project in Minot, which is recovering from a devastating flood early this year.
The credits are for Minot Place Townhomes, where 24 apartments will be for households earning no more than 60 percent of the area median income (AMI). Rents will from $525 to $725 per month. The remaining six units will serve households earning no more than 30 percent of the AMI. These apartments will rent for $232 to $304 monthly.
The townhomes are expected to be ready by summer 2012.
“Ever since the Mouse River inundated Minot, North Dakota Housing has been working to find creative solutions for those who lost their homes,” said Mike Anderson, NDHFA executive director, in a statement.
By advancing the tax credits, construction can begin this fall, up to six months earlier than would have been possible without the forward commitment, according to Attorney General Wayne Stenehjem.
In August, as part of the state’s recovery efforts, the Industrial Commission approved NDHFA’s plan to commit a portion of its 2012 tax credits to speed the development of housing.