MINOT, N.D. - Minot's City Council has given the green light for funding for an affordable housing development.
The council approved allocating $1.85 million from the federal government for the Park South development on 14th Avenue SE.
The money will come from the nearly $75 million that Minot won as part of the National Disaster Resilience competition.
It's not a new building—instead, developers are refurbishing an existing building to create 30 rent-restricted units, along with ten units at a market rate.
“If we do not now receive city approval tonight toward the funding, the just over two million dollars will not be available for Minot and will probably be redistributed around the state. As community leaders, with the assistance of the HUD resiliency funds, we should feel a great satisfaction to being able to provide quality affordable housing for families,” said Bruce Walker, a Minot realtor involved with the project.
The proposal did meet some push-back from property companies in town.
They showed concerns over whether the plan would impact property values along with a perceived lack of communication over the process to approve the money.
“Property owners should be aware of this project and be given a fair chance to participate. That has not happened. We do not know at this point. Let's let the committee do the job they were asked and assigned to do, and make the recommendations to the city council that will be in the best interest of all the citizens and property owners in Minot,” said Doug Pfau with Investors Management & Marketing.
The council approved the funding unanimously by a vote of 13 to 0 with one absence.