The North Dakota Housing Finance Agency has awarded Grand Forks Homes, Inc. $776,667 in credit authority and an additional $772,514 from the Housing Trust Fund for the development of LaGrave on First. The 42-unit, 4-story housing complex will be located at 500 1st Avenue South in downtown, Grand Forks with estimated development costs of $8.5 million.
The Low-Income Housing Tax Credit (LIHTC) is the most important resource for creating affordable housing in the United States today. Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of nearly $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
The Housing Trust Fund (HTF) is a new affordable housing production program that will complement existing Federal, state and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including homeless families. The HTF was established under Title I of the Housing and Economic Recovery Act of 2008, Section 1131. HTF funds may be used for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and/or rehabilitation of non-luxury housing with suitable amenities.
Grand Forks Homes, Inc. will be the owner of LaGrave on First, with Grand Forks Housing Authority and Beyond Shelter, Inc. working together as co-developers of the new building. The housing project will serve individuals experiencing chronic homelessness by providing one-bedroom/one-bathroom apartment units and support services on-site. LaGrave on First will utilize evidence-based practices such as Housing First and Permanent Supportive Housing to support a better quality of life for residents in their new home. Units will be made affordable by project-basing Grand Forks Housing Authority vouchers and services will be provided by Valley Community Health Center, Northeast Human Service Center, and other area agencies. Construction is expected to begin early next summer with doors open in the summer of 2018.
Grand Forks Homes, Inc. is a North Dakota 501c3 non-profit corporation formed in 1971 for the purpose of developing and owning affordable housing for low and moderate-income families. Grand Forks Housing Authority serves as the primary provider of affordable housing in Grand Forks County, North Dakota, providing a home for nearly 2,000 families each night through its 1,265 Housing Choice Vouchers and 798 affordable apartment units. Established in 1967, Grand Forks Housing Authority provides affordable housing and programming to encourage self-sufficiency for tenants. Beyond Shelter, Inc. is a Fargo, ND based non-profit developer of affordable housing that has worked in and around the area since 1999 with experience in new construction, acquisition/rehabilitation, and assembling multi-layered financing packages.
A self-supporting state agency, North Dakota Housing Finance Agency finances the creation and rehabilitation of affordable housing across North Dakota. The North Dakota Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the agency.