Dream IILewis & Clark Development Group
As North Dakota’s only NeighborWorks America® chartered organization, Lewis & Clark Development Group is meeting our state’s pressing affordable housing needs through collaborative partnerships with lenders, communities, and nonprofit organizations and innovative programs such as the DREAM II Fund.
Frequently Asked Questions
What is the Dream II fund?
The DREAM II Fund is a flexible lending program which offers financing and other assistance to projects and developments that meet the mission of “providing affordable housing and development opportunities to revitalize communities and improve the standard of living and quality of life for North Dakotans.”
What can the program be used for?
The DREAM II Fund may be used for pre-development costs, property acquisition, new construction, rehabilitation, permanent financing, as well as other bridge and gap loans.
Who is eligible?
The DREAM II Fund is available to for-profit entities, nonprofit organizations, public and private groups.
What types of development does DREAM Fund II cover?
The following programs are covered under the program…
- Single-family and multi-family housing
- Ownership or rentals
- General or special population housing
- Mixed-use developments
- Low-income, mixed-income, market-rate affordable housing
- Public employee housing
- Workforce housing
- Subsidized and non-subsidized affordable housing
Are there any conditions or priorities to applying for DREAM Fund II?
Yes. Applicants must meet at least one of the following conditions and priorities…
- Located in a distressed or underserved community
- Located in areas suffering housing and/or affordable housing shortages
- Addresses low and moderate income housing needs
- Serves underserved populations
- Located within a redevelopment area
- Would have a significant positive impact on the area’s economy
- Assures continuation, viability, health or safety of existing affordable housing
What are the rates and terms?
Rates, at or generally below market rates, and terms are flexible and negotiable. Projects that best meet our mission and priorities are generally eligible for the most attractive rates and terms.
LCD Group’s Community Development expert:
- Community Development Coordinator, Lewis & Clark Development Group (1998–Present)
- Loan Administrator, Roosevelt-Custer Regional Development Council (1992-1998)
- Community Development Block Grant Administration – NeighborWorks® America
- Housing Quality Standards Certification – NeighborWorks® America
- Completed Housing Rehab Certification – NeighborWorks® America
- Lead-Based Paint Certification – NeighborWorks® America
- Low Income Housing Tax Credit Training – NeighborWorks® America
- Economic Development Professional Certification – National Development Council