GROUND BROKEN FOR MUCH NEEDED RENTAL HOUSING

WILLISTON, ND – October 28, 2010 – (RealEstateRama) — G.A. Haan Development, LLC is constructing a two-story, 40-unit apartment building in Williston, ND. The complex is partially funded by the federal Low Income Housing Tax Credit (LIHTC) program, administered by the North Dakota Housing Finance Agency (NDHFA).

“We are pleased to be working together with North Dakota Housing and the City of Williston to provide affordable housing for the senior population of Williams County. Our experience in North Dakota has been very positive and we look forward to our continued relationship,” said Gerry Haan, principal of G.A. Haan Development.

The Williston Senior Apartment Homes, expected to open in early 2011, will help ease western North Dakota’s housing demand, particularly for rental units.

“Keeping housing options available and affordable for families and individuals with limited incomes is what we strive to do every day. I appreciate Haan’s commitment to provide much needed housing in the community of Williston,” said Mike Anderson, NDHFA executive director.

The apartments will be targeted to low- and moderate-income households age 55 and older. They will have open floor plans and laundry facilities in the units. Seven of the apartments will be handicapped accessible. Common areas will include a lobby with a fireplace, a library and a community room with a full kitchen. The development is on the southeast corner of 24th Ave. W. and 26th St. W.

Through the LIHTC program, property owners are compensated for charging rents that are generally lower than would be feasible without the credits. G.A. Haan Development received an allocation of $424,533 in tax credits, bringing nearly $2.5 million worth of equity to the $5.1 million project.

NDHFA administers the program on behalf of the federal government. Each year, the Agency is authorized to allocate more than $2 million in credits through a competitive process to for-profit and non-profit developers. Property owners receive the tax credits for up to 10 years based on their capital investment and level of commitment to low-income tenancy.

“Since the LIHTC program was created, $30 million in tax credits have been allocated for the production or rehabilitation of 180 projects in 43 communities statewide,” said Anderson. “The program has enabled North Dakota Housing to support the production of more than 5,000 rental units dedicated to lower-income households. The result is more than $360 million dollars in capital investment in affordable housing in North Dakota.”

Other entities involved in the project include: Affordable Housing Developers, Inc.; Citibank; Economides Architects, LLC; The Richman Group and Oakwood Construction Company. For more information on NDHFA’s LIHTC program, contact Sylvia Burgess at (701) 328-8080, (800) 292-8621 or (800) 366-6888 (TTY).

Contact:
North Dakota Housing Finance Agency
2624 Vermont Avenue, PO Box 1535, Bismarck, ND 58502-1535
Bismarck Main Office — (701) 328-8080 | ND Toll Free (800) 292-8621 | Fax (701) 328-8090 | TTY (800) 366-6888
Fargo Field Office — (701) 239-7255 | ND Toll Free (877) 239-3200 | Fax (701) 239-7257 | TTY(800) 366-6888