The North Dakota Division of Commerce attended Demo Day, a groundbreaking celebration hosted yesterday by the Housing Authority of Cass County for the redevelopment of public housing items on the 800 block of Sheyenne Road in West Fargo.
Changing the earlier items, the brand new housing complexes generally known as Brighton and Monterey Residences will present energy-efficient reasonably priced housing for 85 income-eligible senior households.
The redevelopment was achieved by way of a collaborative effort involving native, state and federal funds.
Commerce’s Neighborhood Companies Division supplied funding from the HOME Funding Partnerships Program and the Neighborhood Improvement Block Grant (CDBG).
“All through the years, we’ve got seen a number of tasks prosper as results of the HOME and Neighborhood Improvement packages,” Commerce Neighborhood Companies Division Director Bonnie Malo stated. “Collaboration with native communities has made it potential for Commerce to make use of allotted funds for the event of housing options throughout our state.”
Administered by Commerce, the HOME Funding Partnerships Program loaned $712,000 to the Housing Authority of Cass County for the Monterey flats. Funds had been used towards eligible venture prices for building of the 45-unit condominium constructing, with 5 items designated as HOME-assisted for low-income households.
Commerce receives HOME Funding Partnerships Program funds from the U.S. Division of Housing and City Improvement. This system’s goal is to extend the availability of protected, sanitary and reasonably priced housing for very low, low and average revenue households.
The Housing Authority additionally acquired $300,000 from the CDBG Grant administered by Commerce for use towards the land acquisition portion of the venture. Monterey and Brighton every acquired $150,000 from the grant. Funds had been granted on behalf of the Governor’s Workplace CDBG set-aside funding.
Extra redevelopment funds had been supplied by the North Dakota Housing Finance Company’s Low Earnings Housing Tax Credit score and Housing Incentive Fund packages, and different private and non-private investments.
“Commerce’s Neighborhood Companies Division is honored to have had the chance to contribute to this redevelopment effort,” Malo stated. “Our division is devoted to bettering the standard of life throughout our state and this housing venture may have a optimistic lasting influence for residents within the space.”