WILLISTON, ND – Mountain Plains Equity Group (MPEG) celebrated the completion of ParkRidge Townhomes today. The 36-unit development received support from the state’s Housing Incentive Fund (HIF) to ensure the availability of affordable housing in Williston for essential service workers.
“This project has truly been a concerted group effort, with a number of players here that deserve a lot of credit. By working together, this type of public-private partnership has produced a great housing option in Williston – and at a much more affordable price,” said Don Sterhan, MPEG president and CEO.
Eighteen of ParkRidge’s two-bedroom units are rented for $1,000 per month to law enforcement, education and medical facility staff and local and state government employees. To qualify for these units, primary household income must come from such employment. The remaining units in the development rent at market-rate.
“To have healthy communities, we must have housing that is affordable for our workforce,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) executive director. “Without the housing needed to recruit and retain essential service workers, quality of life deteriorates.”
NDHFA provided $2 million from the HIF to support the development of the $7.2 million complex. HIF provides low-cost financing to developers of affordable multifamily housing. Since the program’s inception in 2011, the agency has allocated more than $84 million to 75 projects, leveraging more than $430 million in construction financing to support the development of almost 2,500 new units statewide.
Additional financing for MPEG’s project was arranged by Security First Bank in participation with Bank of North Dakota and American State Bank & Trust Company of Williston.
ParkRidge Townhomes is located in The Ridge at Harvest Hills subdivision on the corner of 37th Street West and Long Branch Avenue in close proximity to Williston’s new retail centers, the municipal golf course, parks and schools. The open-concept units come equipped with microwaves, dishwashers, kitchen islands, laundry hookups, air conditioning and ceiling fans.
The two-bedroom units feature two master suites with attached baths plus an additional half bath on the main floor. The townhomes also have attached heated garages and off-street parking for guests. Brutger Equities, (701) 572-5046, is the property manager.
Formed in 2003, MPEG’s mission is to help support and improve the quality of life in local communities through the financing and development of affordable housing. With a focus primarily on the more rural states of North Dakota, Montana and Wyoming, MPEG has arranged equity capital and participated in the creation of 31 projects, providing 1,090 housing units and representing more than $145 million in development costs.
NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota. The North Dakota Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA. More information on the HIF program is available online at www.ndhousingincentivefund.org or by contacting the agency at (800) 292-8621 or email@example.com.