BOWMAN, ND – Lutheran Social Services Housing is one step closer to breaking ground on The Landing. Dakota Community Bank & Trust has contributed $200,000 to the North Dakota Housing Incentive Fund (HIF) to support the nonprofit development, a 24-unit apartment complex for families and disabled households in Bowman.
“Dakota Community Bank & Trust is pleased to play a role in the development of The Landing,” said Justin Wolbaum, bank vice president. “Dakota Community Bank & Trust recognizes the need for affordable housing in Bowman. We are thankful to the local community for their business, and we feel this is a way to give back as a reinvestment within the town of Bowman.”
Before Lutheran Social Services Housing can break ground on The Landing, it needs to secure $1 million in HIF contributions. Approximately $820,000 has been earmarked to support the project to date. The total cost of developing The Landing is more than $3 million.
“Lutheran Social Services Housing is grateful to Dakota Community Bank & Trust for its support,” said John Philips, Lutheran Social Services Housing real estate development specialist. “We look forward to this development becoming part of the Bowman community.”
Capitalized by state taxpayers, HIF provides low-cost financing to developers of affordable rental housing. Taxpayers contributing to the fund receive a dollar for dollar state income tax credit. Contributions can be directed to a specific project or community. The North Dakota Housing Finance Agency (NDHFA) is the fund administrator.
“HIF has coupled the generosity of donors with community needs to create the right mix of affordable housing options to serve diverse households,” said Mike Anderson, NDHFA executive director.
Lutheran Social Services Housing, a program of Lutheran Social Services of North Dakota, supports the continued vitality of the state’s smaller communities by providing nonprofit affordable housing and housing-related services, with eight rental housing projects currently completed and under management and several other projects in various stages of development.
Lutheran Social Services of North Dakota is a statewide social services agency serving thousands of North Dakotans in need with affordable housing, food, disaster recovery, counseling and therapy and other programs that strengthen individuals, families and communities without regard to clients’ race, religion, gender or economic status.
Dakota Community Bank & Trust, a locally owned bank, has been serving central and southwest North Dakota since 1940 with branches in Bismarck, Bowman, Dickinson, Glen Ullin, Hebron, Lincoln, Mandan, New Leipzig and Taylor.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the NDHFA.