Minot Housing Authority officials are reviewing a proposal to develop low-income housing in Minot's flood zone.
Officials with Plum Valley Developers met with the board of Minot Housing Authority this morning, outlining their plans for building single family homes, duplexes, and tri-plexes in the Lincoln and Ramstad areas of the Mouse River Valley.
One of the officers of Plum Valley Developers says their plan is to build homes that fit into the existing neighborhood makeup, and make them affordable.
(Clyde Thorne, Plum Valley Developers) "Right now on the market we have less than a dozen, I'd say maybe eight houses publicly for sale as flood homes. The banks are repossessing them and as they take them then they go off the market and have to go through foreclosure state and stuff like that and then they come back on the market in a bidding process but it just takes a very long time."
Thorne says the idea is to use state money to purchase the land, have the developers build homes, and have the Minot Housing Authority manage the properties.
People would be able to buy the actual building - but would not own the land - something the developers say will greatly reduce the cost of housing.
Thorne says the city is losing flood homes to people trying to make a quick profit.
(Clyde Thorne, Plum Valley Developers) "We are losing a lot of land to investors who are buying it and flipping the homes. We want to buy the land, have the house taken off, put a new house on it, and get it for our low income people who are around the eight to 14 dollars an hour pay range."
The Minot Housing Authority Board decided to research the project, talk with state legislators and legal experts, and then hold another meeting with the Plum Valley Developers by the end of August.