USDA gives $14.2M for apartments in Dickinson

Dickinson Pacific Associates has received a $14.2 million loan to construct 136 apartment units in Dickinson, according to a press release.
The U.S. Department of Agriculture’s Rural Development division announced the loan on Monday. The funds will go toward Dickinson Vista Apartments, which will include a 2,500-square-foot community center.
“With extremely low vacancies and long waiting listings, there is a shortage of affordable rental options in Dickinson,” stated Jasper Schneider, Rural Development state director. “This project will help address the housing need while providing quality places to live.”
USDA will finance approximately 70 percent of the $20 million project. The apartment is expected to be finished by summer 2015 and will offer monthly rental rates “under market rent for the area,” according to the release.