WILLISTON, ND – September 9, 2013 – (RealEstateRama) — More area seniors will soon be able to make the Williston Senior Apartment Homes their home. G.A. Haan Development and the North Dakota Housing Finance Agency (NDHFA) broke ground today for 21 additional affordable apartments at the complex.
“Projects like Williston Senior are important for affordable housing needs to be met in western North Dakota communities,” Lt. Gov. Wrigley said in an appearance on behalf of the North Dakota Industrial Commission. “Public-private partnerships will continue to encourage affordable housing development as a result of rapid growth, helping ensure that longtime residents and those on fixed incomes can remain in the communities they call home.”
The total cost of constructing Williston Senior Apartment Homes II is estimated at $3.9 million. The second phase of the development will consist of 9 one-bedroom and 12 two-bedroom units. Depending on income and family size, the apartments will rent for $274 to $762 per month. Haan Development anticipates that the second phase of the development will be completed by August 2014.
“The individuals that live at Williston Senior are an active and vital part of this growing community,” said Gerald Haan of G.A. Haan Development. “By expanding the development, we will be able to provide more housing options that enable local seniors to continue to affordably live in a community they’ve long called home.”
The first phase of the Williston Senior Apartment Homes development was completed in 2011. It is a 40-unit building.
The second phase of the development is supported by federal Low Income Housing Tax Credits (LIHTC) allocated to the project by NDHFA.
“As Williston has grown dramatically in the last few years, the need for safe, decent and affordable housing for our seniors has grown too,” said Jolene Kline, NDHFA acting director. “We are very excited to see this project break ground which will be a valuable asset to the community and will help those individuals who need it the most.”
Through the LIHTC program, property owners receive an annual tax credit from the federal government for up to 10 years in exchange for keeping the housing units affordable for low-income households. The tax credits NDHFA allocated to Williston Senior II will bring $3.39 million in equity to a project that will remain affordable for 45 years.
“LIHTC is an important piece of the puzzle that we hope can continue to help build much-needed housing in our communities,” added Kline. “As North Dakota continues to grow in the coming decades, we will need to maximize our federal resources while leveraging the local, state and private dollars that are needed to bring more affordable housing to fruition.”
Based in Harbor Springs, MI, Williston Senior Apartment Homes II is Haan Development’s fourth affordable housing development in North Dakota. Nokota Ridge, a family-friendly townhome development just north of the Williston Senior complex, and Lincoln Park Townhomes in Dickinson were also developed by Haan.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA.
Sarah Mudder, NDHFA, 701-328-8056 or info (at) ndhfa (dot) org
Gerald Haan, G.A. Haan Development, 231-526-7380