DICKINSON, ND – July 10, 2012 – (RealEstateRama) — GLS Properties, LLC will showcase the new Prairie Hills Townhomes, affordable housing built to replace apartments lost in a 2009 tornado, and recognize the work of its development partners at a Grand Opening celebration on Wednesday, July 11.
“Little more than three years ago, a tornado swept through south Dickinson and destroyed Section 8 apartments overseen by MetroPlains Management,” said Gary Stenson, MetroPlains Management principal. “Today, we gather to celebrate the cooperative effort that replaced those rental units.”
To fund the 36-unit townhome project, GLS Properties, LLC utilized multiple affordable housing development resources including Low Income Housing Tax Credits and a Section 538 Rural Rental Housing Guaranteed Loan.
“The rapid pace of North Dakota’s economy today requires an enhanced commitment to public-private partnership,” said Mike Anderson, North Dakota Housing Finance Agency (NDHFA) executive director. “We are pleased to work with an outstanding developer like GLS Properties who recognized a challenge and took on the task of replacing the units that were lost.”
NDHFA allocated $598,468 in tax credits which brought nearly $4.3 million in equity to the project. The agency also facilitated the preservation of a U.S. Department of Housing and Urban Development Section 8 subsidy. The assistance provided by NDHFA allows for 12 of the units to rent to income-qualified households for $517-$679 a month. The remaining 24 townhomes rent for 30 percent of the tenant’s adjusted gross income as was the case for the units lost in the disaster.
“This project is a good example of a private-public partnership to address the critical housing need in Dickinson,” said Jasper Schneider, USDA Rural Development state director. “The new development will provide individuals and families with more affordable and quality housing options.”
Through the Section 538 program, USDA Rural Development guaranteed a $1,369,300 loan through Lancaster-Pollard Mortgage Company. The rental housing program is designed to increase the supply of affordable housing to low- or moderate income tenants. Prairie Hills Townhomes will be available to individuals and families whose incomes do not exceed 115 percent of the area median income adjusted for family size.
Other development partners include Affordable Housing Developers, Inc. and the North Dakota Department of Commerce; the City of Dickinson; Dacotah Bank; Tooz Construction; and US Bank.
Located at 15th Street West and 4th Avenue West in Dickinson, Prairie Hills Townhomes consists of two-and three-bedroom units all with attached garages. Four of the townhomes are handicapped accessible. The total cost of construction was $5.8 million.
Riverview Garden Apartments, a 30-unit, income-based property located in south Dickinson, was destroyed by an EF3 tornado on July 8, 2009. The replacement units could not be rebuilt on the same site as the land was rezoned for single-family housing more than 10 years ago.
Contact:
701) 328-8080 | ND Toll Free (800) 292-8621
http://www.ndhfa.org
