BISMARCK — The North Dakota Housing Finance Agency announced Monday, Nov. 25, that nine low-income housing projects have been awarded federal and state funding to build nearly 500 affordable units throughout the state. Two projects in Fargo, one in West Fargo and another in Jamestown made the cut for the competitive funding.
The Fargo Housing and Redevelopment Authority will receive $2.2 million in federal loans and $3 million in state loans to build Elliot Place, a proposed 84-unit development for seniors. The loans could be forgiven, effectively turning them into grants, if the housing authority meets certain benchmarks and program requirements. The project was also awarded $1.1 million in federal tax credit authority that can be bought by private investors.
The Housing Authority of Cass County will receive $500,000 in federal loans and more than $790,000 in credit authority to build West Fargo's Sierra Townhomes, a 38-unit development. Nine units will be dedicated for families at risk of homelessness.
Two other developers were each awarded about $720,000 in credit authority to build affordable housing in Fargo and Jamestown. Beyond Shelter Inc. has plans for Homefield III, a 39-unit project in Fargo, and Commonwealth Development Corp. will look to build 33 new homes in Jamestown. Projects in Bismarck, Devils Lake, Minot and Rugby were also awarded funding.
Among other requirements, the units must be rented out at below market prices to qualify for the tax credits and loans. All residents of the new developments must earn less than 80% of the median area income in a community, but many tenants will likely fall well below that threshold, agency spokeswoman Sarah Mudder said.
All of the projects also have other sources of public funding, according to agency staff. The North Dakota Industrial Commission, which includes Gov. Doug Burgum, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the agency.