Federal Bond Program Brings Affordable Housing to Williston - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Federal Bond Program Brings Affordable Housing to Williston

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Since the most recent oil boom began, housing has been flying up all over western North Dakota. Williston city leaders say the town is starting to catch up with demand. With more homes and apartments on the market, one developer is taking a new approach to fill up his building and help the city out at the same time. More housing options are available around the city, but some rents are still sky-high.

"It's ridiculous. I'm paying $2,000 a month just for one single room," says Williston resident Steve Decker.

To help with rent costs, Eagle Crest, LLC is going to build an apartment complex using a federal bond program called MIDA.

"They get a lower interest rate. In exchange for that, they have to make sure 20 percent of the apartments are rented out at lower rates," says Williston Mayor Ward Koeser.

The new complex is going to have 168 units, and 34 are going to be income-based.

"The kicker is to be able to get into that, you have to have a low income. A family of four, I believe, cannot earn more than 32,250 dollars," adds Koeser.

The complex will be past Harvest Hills on 26th street and will offer two and three-bedroom units. A two-bedroom apartment will be $726, and a three-bedroom apartment will be $838.

"It's to take care of those with lower income, and we really think, especially for the elderly, this will be a real blessing," Koeser says.

The income-based and market-based apartments are going to be intermixed, and will all be built the same way. To use a program like this the city has a fee of $34,000, but Koeser says city commissioners cut the fee in half because Eagle Crest was willing to provide much needed affordable housing.

"If you work with us and try to come up with affordable housing, we're sure going to try to help you," says Koeser.

And the affordable rents sound good to just about everyone.

"Anyways, sign me up though," Decker adds.

Koeser says the MIDA bond program is open to any developer.

 

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