CELEBRATION HELD FOR AFFORDABLE RENTAL HOUSING
WILLISTON, ND – November 9, 2010 – (RealEstateRama) — Community Development, Inc. (CDI) is hosting a Ribbon Cutting Ceremony to celebrate the completion of the Waters Edge apartments in Williston. The 51-unit development will provide lower-income households with an affordable housing option.
“We are thrilled to have participated in the construction of Waters Edge. It is the mission of CDI to ensure that working individuals benefit from the security and encouragement that comes from a warm and decent place to live,” said Tim Cobb, CDI Senior Development Officer.
The Waters Edge development was funded in-part by Low Income Housing Tax Credits (LIHTC) and the Neighborhood Stabilization Program (NSP). Both federal programs are administered by the North Dakota Housing Finance Agency (NDHFA).
“Workers at all skill levels and in all wage ranges are needed in North Dakota communities,” said Mike Anderson, NDHFA executive director. “Without housing options for households of modest means, our communities cannot thrive.”
The $7.3 million project received a tax credit exchange valued at $3.6 million dollars and a $1.5 million NSP grant. Property owners receive tax credits for up to 10 years based on their capital investment and level of commitment to low-income tenancy. In return, the units are rented to lower-income households at rents generally lower than would be feasible without the credits. The NSP provided funds to purchase foreclosed or abandoned property to rehabilitate, resell or redevelop housing in order to stabilize neighborhoods. The land that Waters Edge was built on was abandoned.
“North Dakota has a significant demand for affordable workforce housing and both programs have been very helpful in addressing that need,” said Anderson.
The Waters Edge development offers a mix of two-, three- and four-bedroom units in eight buildings. Three units are handicapped accessible. A central community building holds the complex office, kitchen, computer room, exercise room and community laundry facility. There is also a commons area with a half basketball court and picnic areas. The rent for two-bedroom units ranges from $504 to $630 per month based on income and unit size. A family of three can earn up to $25,200 per year.
Other entities involved in this project include: CommunityWorks North Dakota; Ebenal General, Inc.; Federal Home Loan Bank of Des Moines; First International Bank and Trust; North Dakota Department of Commerce; Tri-County Regional Development; US Treasury; and USDA Rural Development.
“Without these funding sources coming together, this development would have never come to fruition,” said Cobb.
In celebration of the completion of the development, CDI will host a ribbon cutting ceremony on Wednesday, Nov. 10 at 10:30 a.m. The property is located at 705 5th St E, Williston.
