Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Project Updates Housing topic
No spam. Unsubscribe anytime.
EDIC gets updates on two pending projects; one contingent on building permit, another under financial review
Summary
The committee received status updates on a row house project near NDSU that is pending building-permit approval and a proposed 260-unit apartment near NP Avenue and 11th Street that will be reviewed by the committee's financial advisor; the latter uses 4% low-income housing tax credits with rents close to downtown market rates.
The Economic Development Investment Committee received updates on two projects it previously considered: a row house development near North Dakota State University and a proposed 260-unit apartment building near NP Avenue and 11th Street.
Jim Gilmore reported the row house project near NDSU was recommended for approval by EDIC contingent on obtaining a building permit. “They've been in the building permit process for about a month,” he said, and the project was expected to appear on the city commission agenda with that contingency.
The second project is a proposed 260-unit apartment building along NP Avenue and 11th Street. Gilmore said the development will use 4% low-income housing tax credits but that rents for some units—he cited a two-bedroom rent in the low $1,300s to $1,400s—are close to market-rate downtown apartments. He said the project targets households below 80% of median income rather than the deeper affordability levels EDIC has previously funded. “They're gonna get low income housing tax credits at a 4% level. But for instance, a two bedroom apartment, I think was 13 to $1,400 a month, which is very similar to what the market rate is in Fargo,” Gilmore said.
Because the project’s financing and cost-per-unit are relatively high, Gilmore said he had forwarded project materials to the committee’s financial advisor for review and that the committee may defer formal action until that financial review is complete and returned for a future meeting packet. He suggested the item might not be ready for the committee’s October meeting and could be pushed to November for further consideration.
No formal approvals or denials were recorded for either project at the meeting; the row house will proceed contingent on permit approval, and the 260-unit apartment remains under financial review.
