Seniors are a vulnerable population in North Dakota's growing economy.
That's according to North Dakota Housing Finance Agency director Jolene Kline --- and that's why the groundbreaking of
'the Williston Senior II' (TWO) building was an affordable housing milestone today.
The $3.9 million dollar senior housing project will include 21 units in a three-story building.
The Housing Finance Agency allocated more than $400,000 in low income housing tax credits --- bringing nearly $3.4 million in equity to the project.
The tax credits keep construction costs low which allows seniors, age 55 and over, the opportunity for income-based rent.
Prices range from about $300-$700 depending on apartment and household size -- and income.
(Jolene Kline, NDHFA Acting Director) "We hear over and over again about seniors being forced out of their communities because they cannot afford 300, 400, 500 dollars that all the sudden their landlords are giving them notice that their rents are tripling and quadrupling. So this is an affordable project that will give 21 seniors a new place to call home."
(Lt. Gov. Drew Wrigley, (R) North Dakota) "We're so proud of the work of the Housing Finance Agency. Thank you for your work in leveraging the tax credit incentives to find a way to fill that niche for affordable housing."
Williston Senior II (TWO) construction is scheduled to be complete in August of 2014.