West River Telecom Supports Development of Pioneer Homes Apartments

WRT-logoHAZEN, ND – West River Telecom (WRT) contributed $500,000 to the state’s Housing Incentive Fund (HIF) in September to support the development of an affordable housing project in Hazen.

“An important part of WRT’s mission statement is to participate in and support the communities we serve and to enhance the quality of life for all of our customers and communities. This project fits perfectly with that mission and we’re pleased that we can support affordable housing development in Hazen,” said Bonnie Krause, WRT CEO and general manager.

WRT directed its HIF contribution to Pioneer Homes Apartments, a Hazen Community Development Group (HCD) project that will transform the former Pioneer Park Nursing Home and an adjacent city park into a 22-unit senior apartment complex. The low-cost financing provided by HIF will bring equity to the project enabling the apartments, once completed, to be rented for below market rate.

“Part of being a healthy community is having housing that is affordable for households at all income levels,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) executive director. “By contributing to HIF, WRT advances its home community’s efforts to provide the housing needed locally.”

HIF relies on taxpayer support to provide low-cost financing to developers of affordable multifamily housing. The $1.35 million HIF conditional commitment Pioneer Homes Apartments was awarded in July is one of 24 commitments NDHFA made to affordable housing projects statewide.

“I encourage more businesses and individuals to make a HIF contribution this year so HCD’s project and the other affordable housing projects that were awarded funds this summer can move forward,” added Kline.

The total cost of developing Pioneer Homes Apartments is estimated to be more than $3.2 million. Before HCD can break ground, it must secure an additional $250,000 in HIF contributions.

Individuals and businesses that contribute to HIF receive a dollar-for-dollar state tax credit. Contributions can be targeted to a specific project or community. More information on HIF is available online at www.ndhousingincentivefund.org or by contacting NDHFA at (800) 292-8621 or hfainfo@nd.gov.

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