North Dakota Housing Finance Agency (NDHFA) issued its first tax exempt multifamily revenue bonds in a number of years in August. The short-term $9 million bond will support the acquisition/rehabilitation of the Meadowlark Heights apartment complex in Minot.
The 96-unit Section 8 project was built in 1973 and requires substantial rehabilitation. It is being redeveloped by Integra Property Group and will have a total project cost of more than $18.4 million. All of the units will be rent and income restricted to 60 percent and below of Area Median Income.
“With the rehab of Meadowlark Heights, the Minot community will be able to keep much-needed affordable housing options open for individuals and families who need them the most,” said Jolene Kline, NDHFA executive director.
The multifamily bond allows the project to access an allocation of $547,481 of 4 percent Low Income Housing Tax Credits. These tax credits are allocated on a non-competitive basis to projects that are financed with private activity bonds and meet other restrictions.