The North Dakota Housing Financing Agency has announced funding commitments for eight affordable multi-family housing projects across the state.
Among the projects selected to receive development assistance is Prairie Ridge Residences in Fargo, which is being developed through partnership between Mountain Plains Equity Group and CommunityWorks North Dakota.
NDHFA awarded $3 million from the state’s Housing Incentive Fund (HIF) for the project.
Prairie Ridge Residences is a planned 120-unit Fargo complex for households age 55 and older. The total cost for the project is $23.6 million. It is a third such project between Mountain Plains Equity Group and CommunityWorks North Dakota, which is part of the Lewis & Clark Development Group (LCD Group).
An earlier project between LCD Group and Mountain Plains Equity Group, Century Cottages in Bismarck, received NDHFA financial support in 2018.
“LCD Group has a very good relationship with NDHFA. In many ways, we see them as partners in our work to addressing North Dakota’s affordable housing challenges. Their support will make a critical difference and will allow us to meet a real and growing need in the Fargo area,” says LCD Group Executive Director Brent Ekstrom.
Prairie Ridge Residences will be located at the intersection of Westrac Drive South and 34th Street South in Fargo. It is in close proximity to West Acres Shopping Center and surrounding restaurants and grocery stores.
Upon its completion, Prairie Ridge Residences will feature 74 one-bedroom units and 46 two-bedroom units. The property will also include 23 detached single-car garages. The building is designed to provide residents with a community environment and will feature a large community room with kitchen and lounge area, library, theater, fitness center, card/game room, and outdoor patio.
Ekstrom says the project is intended to spark more multi-family housing in the area.
“Fargo is struggling to keep up with the increasing senior population and Prairie Ridge Residences will help meet demand, which is only going to increase in the coming years. The location features adjacent land suitable for further development and it is our hope this project will be a catalyst to do just that,” adds Ekstrom.