Senator Cites Federal Contribution to Help Meet Minot Housing Challenges
MINOT, ND – August 9, 2013 – (RealEstateRama) — Senator John Hoeven, along with state and local community leaders, today participated in an open house and groundbreaking for the Washington Townhomes housing project in Minot. The leaders marked the completion of the first 32 affordable residential rental units and broke ground on the second phase of project, which consists of an additional 32 units. Phase II of the project is expected to be completed by summer 2014. Washington Townhomes will be a two?story, townhome?style design, except for fully accessible units, which will have one level.
Senator John Hoeven in
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Senator John Hoeven in
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The total cost to develop the Townhomes project is $14.7 million, nearly $14 million of which will come from U.S. Department of Housing and Urban Development (HUD) programs. That includes $750,000 in Community Development Block Grant funding (CDBG), $11.8 million in proceeds from the sale of Low Income Housing Tax Credit (LIHTC) program to US Bank and $1.4 million in HOME investment Partnership program. The balance of $750,000 is being provided by Bell State Bank & Trust and Affordable Housing Developers, Inc.
“Last summer, we broke ground to begin the first phase of the Washington Townhomes project and today these units are affordable, quality homes for over 30 families in our community,” said Hoeven. “These homes are being constructed as part of a public, private partnership and are a good example of how we can meet the challenges our state faces when we work together.”
The Washington Townhomes project is being developed by Beyond Shelter, Inc., a nonprofit affordable housing developer, and the Minot Housing Authority (MHA). The project is funded through the Federal Low Income Tax Credit Program and the North Dakota Housing Finance Agency.
Hoeven has worked to secure resources to help with the city’s recovery after the 2011 flood and also to meet the housing and infrastructure needs of a growing Minot community. In May, he announced that the U.S. Economic Development Administration (EDA) awarded Minot $18 million from Congress’s 2012 disaster recovery funding for the city’s ambitious Imagine Downtown project, a complex of business and residential renewal projects that will help to restore and enhance the city’s center following severe flooding in 2011. Half of the project will consist of low and moderate income housing. Combined with $5.3 million in federal Community Development Block Grant funding the senator worked to secure, Imagine Downtown will benefit by more than $23 million in federal funding.
