BEULAH, ND – West River Telecom CEO and General Manager Troy Schilling presented North Dakota Housing Finance Agency with a $500,000 contribution today to the Housing Incentive Fund.
“At WRT, we view ourselves as being a partner to the communities we serve. We are a member-owned and member-focused organization that looks to enrich the lives of people in those communities, and our support of projects like New Energy Apartments reflects that commitment,” said Schilling.
WRT directed the HIF contribution to the Lutheran Social Services Housing development which is slated to begin construction in Beulah in late May.
“Part of being a healthy community is having an adequate supply of housing that is affordable for individuals and families of all income levels,” said Jolene Kline, NDHFA executive director. “Through its continued support of the HIF, WRT is helping to ensure the vitality of the communities in its service area.”
WRT also made a $500,000 contribution to the HIF program in 2015 to support a Hazen project.
The funding provided to Lutheran Social Services through HIF for the project will enable 18 of the 24 units to be rented at below market rate.
“WRT is a key partner in this project. Without the coop’s support, the development of these apartments would probably not have advanced to the construction start,” said John Phillips, real estate development director for Lutheran Social Services Housing.
Twelve of the affordable apartments will be reserved for essential service workers – city and county employees, school district, law enforcement, and medical personnel. The other six rent-restricted units will be available to any income-qualified households. The six remaining units will rent at market rate. According to Phillips, a Mercer County Economic Development study quantified the need for the rental housing.
New Energy Apartments will be located on the corner of 11th Street North and County Road 21 in Beulah. The building will be the first project in a new subdivision.
HIF relies on taxpayer support to provide low-cost financing to developers of affordable multifamily housing. WRT’s contribution supports a $1.15 million commitment that NDHFA made to the Lutheran Social Services’ project last summer. The total cost of construction is estimated to be $3.83 million.
“I encourage more businesses and individuals to consider supporting community growth by contributing to HIF,” added Kline.
NDHFA needs $3 million to fully capitalize the current fund. Contributors receive a dollar-for-dollar state income 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 email@example.com.