The North Dakota Housing Finance Agency has awarded development assistance to the Century Cottages, a CommunityWorks North Dakota project located on Century Avenue in Bismarck.
NDHFA awarded $788,000 through the Low Income Housing Tax Credit (LIHTC) program to the project. The agency also made a commitment of $300,000 from the Housing Trust Fund (HTF) and another $400,000 through the state’s Housing Incentive Fund (HIF).
The assistance from NDHFA is part of the agency’s awards for Fiscal Year 2019. NDHFA received 25 total applications for development assistance from across the state. The development programs administered by NDHFA have allocation plans that are reviewed annually to ensure the projects receive financial awards to address North Dakota’s greatest housing needs.
In other words, projects exactly like Century Cottages.
“This project meets ongoing needs for affordable senior housing in the Bismarck-Mandan area. This need is going to increase as Baby Boomers retire and look to downsize and as seniors from surrounding rural communities relocate,” notes LCD Group Executive Director Brent Ekstrom.
Ekstrom says NDHFA has consistently been supportive of projects like Century Cottages.
“Their support is beyond vital. It makes projects like this a reality for communities across our state. Without such support many affordable senior projects could not be done,” adds Ekstrom.
The cost of construction for Century Cottages is estimated to be $8.5 million. Once the property is completed, it will provide 35 new one- and two-bedroom apartments. Seven of the units will be reserved for households that require assistance to live independently.
Century Cottages is expected to be completed and available for occupancy sometime in the spring of 2020.