Public-private partnership making Century View Apartments possible, warmer weather advancing construction on the project

The much warmer than normal winter has been a boon for the construction industry, which has been especially beneficial for work on the new Century View Apartments in northeast Bismarck.

The $11.2 million project is yet another collaboration between CommunityWorks North Dakota and CR Builders (formerly known as Mountain Plains Equity Group). When completed, Century View will provide 40 units of multi-family housing. Thirty-two units will be rented to those earning 60 percent or less of area median income. The remaining eight units will be market-rate and not subject to any income or rent restrictions.

The property will consist of three two-story apartment buildings with 24 two-bedroom units, 8 three-bedroom units, and another 8 one-bedroom units. A community building with office space, community room, and large kitchen will also be on site.  

Third collaboration with CR Builders

When it opens later this year, Century View will join Mandan’s Library Square and Bismarck’s Century Cottages as the third joint affordable multi-family housing venture between CommunityWorks and CR Builders.

CommunityWorks North Dakota is part of Lewis & Clark Development Group. It is North Dakota’s only NeighborWorks America (NWA) chartered organization.

The Century View project also involves a third and no less essential partner of sorts in the North Dakota Housing Finance Agency (NDHFA). NDHFA administers the federal low-income housing tax credit (LIHTC), HOME Investment Partnerships (HOME), and National Housing Trust Fund (HTF) programs. 

NDHFA support essential

Back in November 2022, NDHFA awarded $813,000 in 9 percent LIHTCs to the project and $2.25 million through HOME for the project. All told, the contributions provided an estimated $7 million in project equity. 

“Projects like Century View are only possible because through partnerships and we are fortunate to have such great partners in CR Builders and North Dakota Housing Finance Agency,” says Brent Ekstrom, LCD Group executive director. 

“Public-private partnerships are the best way to meet the affordable housing challenge. We have unique resources thanks to being the only chartered NeighborWorks America organization in the state. CR Builders provides critical private investment and NDHFA offers essential state and federal resources. Take any one of us out of the mix and projects like Century View would be a lot harder, if not impossible, to build,” adds Ekstrom.

The project is located at the corner of Nebraska Drive and Century Avenue in Bismarck. Roers Construction is the general contractor on the project.   

Click here to learn more about LCD Group’s Multi-Family Loans and Housing Development programs.

Related: LCD Group partnership with NDHFA is helping meet state’s affordable housing needs

Sources and Credits: Roers Construction and NDHFA.

 

Sources and Credits: Roers Construction and NDHFA.