United Community Bank Contribution Supports Redevelopment of Park South

United Community Bank contributed $200,000 to the state’s Housing Incentive Fund in December to support the redevelopment of Park South Apartments in Minot, ND.

United Community Bank contributed $200,000 to the state’s Housing Incentive Fund in December to support the redevelopment of Park South Apartments in Minot, ND.

MINOT, ND – United Community Bank contributed $200,000 to the state’s Housing Incentive Fund (HIF) in December to support the redevelopment of Park South Apartments in Minot, ND.

“United Community Bank supports projects that benefit our community. We are proud to contribute to this renovation as it fills an important need in Minot,” said Randy Conway, President of United Community Bank.

The renovation of Park South will result in accessible and affordable apartments for households age 55 and older. Additional units will be reserved as workforce housing. The project’s management staff plans to offer social activities and health and nutrition services for the senior tenants.

“To have healthy, vibrant communities, we need housing that is both affordable and that adequately addresses the needs of the residents,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) executive director. “Being able to provide the housing needed by its aging population and its workforce makes Minot a socially well-rounded community.”

Capitalized by contributions from state taxpayers, HIF provides developers of affordable rental housing with low-cost financing if they agree to set-aside units for essential service workers, main street employees, and fixed-income households.

United Community’s contribution supports a $2 million HIF conditional commitment NDHFA made to Park South in July. The total cost of redeveloping the property is estimated to be almost $7 million. Before the project can begin, Park South must secure an additional $850,000 in contributions.

“I encourage more businesses and individuals to make a HIF contribution this year so Park South and the other affordable housing projects across the state that NDHFA awarded funds to this summer can move forward with construction next spring,” added Kline.

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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