MANDAN, N.D. – Gov. Jack Dalrymple today joined other officials to celebrate the completion of Collins Place, a new development on Mandan’s historic Main Street that includes 29 state-supported affordable housing units.
The North Dakota Industrial Commission authorized a $1.1 million Housing Incentive Fund allocation to support the housing development. Dalrymple is chairman of the Industrial Commission. Other commission members are Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem.
“The state is taking full advantage of its Housing Incentive Fund and is utilizing several other programs to expand the development of affordable housing throughout North Dakota,” Dalrymple said. “In the last three years alone, the state has invested nearly $50 million to support the development of more than 1,500 affordable housing units statewide. Our strategies to increase housing opportunities for modest-income residents are working and we will continue to support this important development as long as there is a need.”
Located at 100 Collins Ave., Collins Place is a four-story building with approximately 3,000 square feet of commercial space on the south side of the ground level. The residential units are accessed through secured entrances on the north end of the building. Parties interested in learning more about the property can contact IMM Apartments at (701) 250-7110.
Nine Collins Place apartments are reserved for households earning 80 percent of area median income (AMI) or less, and 20 units are reserved for households earning 140 percent of AMI or less. An individual earning less than $42,960 (80 percent of AMI) would qualify to rent a one-bedroom unit for $638.
“Our mission at the North Dakota Housing Finance Agency (NDHFA) is to ensure that everyone in the state has access to housing they can afford,” said Jolene Kline, the agency’s executive director. “We are pleased with this partnership and happy that the Industrial Commission provided the funding that helped bring this quality housing to downtown Mandan.”
The city of Mandan secured the project by making the property available for development, selling the land for only $1 per square foot. The Mandan City Commission helped by granting a Renaissance Zone status.
“Available and affordable housing is essential to attracting the workforce we need to fill the nearly 4,400 jobs currently open in the Bismarck-Mandan metro area,” said Mandan Mayor Arlyn Van Beek. “This project is important to attracting more quality workers to sustain and grow our businesses, and it will bring additional life to Main Street.”
Among those who joined Dalrymple in celebrating the project’s completion were Rep. Kevin Cramer, Kevin Ritterman of Dakota Commercial, Jon Strinden of Edgewood Real Estate Investment, Van Beek and Kline.
Capitalized by contributions from state taxpayers, HIF provides low-cost financing to developers of affordable multifamily housing. Since the program’s inception in 2011, NDHFA has allocated $49 million to projects statewide, leveraging $240 million in construction financing to support the development of more than 1,500 new rental units.
A self-supporting state agency, NDHFA finances the creation and rehabilitation of affordable housing in North Dakota. The Industrial Commission oversees the agency.