Five affordable housing developments recently received conditional funding commitments from the North Dakota Housing Finance Agency (NDHFA).
NDHFA administers the federal low-income housing tax credit (LIHTC), HOME Investment Partnerships (HOME), and National Housing Trust Fund (HTF) programs. The assistance the agency awarded will support the development or preservation of 266 housing units statewide.
CommunityWorks North Dakota and Mountain Plains Equity Group were awarded $813,000 in 9% LIHTCs that will provide an estimated $7 million in project equity and $2.25 million through HOME for Century View Apartments, a 40-unit, family-friendly complex. The total development cost of the Bismarck project is estimated to be $11.2 million.
The Fargo Housing and Redevelopment Authority was awarded $724,000 in 9% LIHTCs and $1.05 million in 4% LIHTCs that will provide an estimated $15 million in project equity and $3.4 million through the HTF to support the demolition of the existing Lashkowitz High Rise to develop Lashkowitz Riverfront Four and Nine, providing a combined 110 new housing units. The estimated cost of the Fargo projects is $33.9 million.
The Turtle Mountain Housing Authority was awarded $537,716 in 9% LIHTCs that will provide an estimated $4.5 million in project equity for Veterans Village, a new 20-unit apartment complex for individuals and families. The total cost of the Belcourt project is estimated at $5.3 million.
Community Homes was awarded $918,750 in 9% LIHTCs that will provide an estimated $7.3 million for the acquisition and rehabilitation of Washington Court Apartments, preserving 96 units of affordable housing occupied by individuals and families. The estimated cost of the Bismarck project is $14.6 million.
