BISMARCK, ND – With Bismarck’s senior population on the rise, the affordable new homes at Sierra Court Apartments are a welcome addition to the local housing inventory.
“In areas with high housing demand, it can be very challenging for fixed-income households, especially elderly and disabled households, to find a home they can afford,” said North Dakota Housing Finance Agency Executive Director Jolene Kline at an Open House for the recently completed apartment complex.
All of the apartments at Sierra Court are reserved for income-qualified, elderly households making the development an ideal fit for a community where the population of residents age 65 and older is projected by a recent Statewide Housing Needs Assessment to increase 61.2 percent by 2029. The assessment shows the majority of those households will be lower income.
“Our purpose here was to provide a good housing option for seniors, a quality place to live at a price they can afford. We are proud to team with Hometown Living, and offer our sincere thanks to our partners that helped make this project possible, particularly NDHFA, Boston Capital, Security First Bank of North Dakota, CommunityWorks North Dakota, and Bank of North Dakota,” said Don Sterhan, president of Mountain Plains Equity Group, the project lead.
NDHFA allocated $600,000 to the development from the state’s Housing Incentive Fund and $595,153 in federal Low Income Housing Tax Credits. Boston Capital syndicated the tax credits, bringing more than $5 million in equity to the project. The development also received predevelopment funding from CommunityWorks. Security First, in participation with BND, provided the project’s construction and permanent financing. The total project cost was $7.46 million.
Located at 2821 Ithica Drive, Sierra Court has 18 one-bedroom and 21 two-bedroom units for households aged 55 and older. Seven of the units are fully accessible. The apartments rent for $340 to $850 per month plus utilities, depending on the household income and size. An individual who earns $17,730 or less would qualify to rent a unit for $340.
The building has a reception area with a fireplace, a large community room with kitchen facilities and a seating area, a game room, fitness room, library, media lounge, an elevator with access to all three floors, interior corridors with secured building access, and an on-site office. Twenty single-car garages and ample surface parking are provided for the residents and guests. Unit amenities include Energy Star appliances, carpeting and tile flooring, window coverings, in-unit washer/dryer, and central air. Supportive services for the senior tenants are also offered at the property.
Individuals interested in learning more about Sierra Court can contact Cheryl at Syringa Property Management, (701) 223-2980. Information is also available online at sierracourtapartments.com.
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 North Dakota, Montana and Wyoming, MPEG has arranged equity capital and participated in the creation of 32 projects, providing 1,120 housing units and representing more than $155 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 the agency.