Two Large Affordable Housing Projects Proposed For Sioux Falls
Construction Is Set To Begin April 2017 And Be Completed June 2018
SIOUX FALLS – City of Sioux Falls officials today announced City funding for the development of two large affordable housing projects. In late 2013, the City began making loan funding available to support such projects. The developments announced today will provide a total of 110 units of affordable and workforce housing.
Horizon Place will be located at 3500, 3520, and 3600 North Fourth Avenue. The project will revitalize a 25-year-old property and maintain the units as affordable housing. This $8 million project will provide 62 affordable housing units for tenants with incomes at 50 percent or less of the area median income in the Sioux Falls Metropolitan Statistical Area.
Horizon Place will be an integral part of Inter-Lakes Community Action Partnership’s Bright Futures program, in which homeless or near homeless families are provided not only housing but also case management and life skills training to help them stabilize their status and encourage development of healthy, productive, and economically stable lives.
The South Dakota Housing Development Authority is providing $6.4 million of the project costs. The City of Sioux Falls’ $900,000 contribution will be in the form of a loan and will be repaid to the City over the life of the project. Construction will begin in April 2017, and the apartments are scheduled to open in June 2018.
Trinity Point will be located on East 26th Street near Rosa Parks Elementary School. The brand new $7.1 million apartment project will offer 48 affordable housing units for tenants with incomes at 50 percent or less of the area median income in the Sioux Falls Metropolitan Statistical Area. Lloyd Companies will develop, own, and manage the property.
The South Dakota Housing Development Authority is providing $6 million of the project costs. The City of Sioux Falls’ $500,000 contribution will be in the form of a loan and will be repaid to the City over the life of the project. Construction will begin in spring 2017, and the apartments are scheduled to open in summer 2018.
“These two projects are excellent examples of the complexity of the affordable housing process and illustrate the need for teamwork among multiple organizations to bring projects like these to fruition. More than a hundred affordable housing units in our community is a great achievement of these incredible partnerships,” says Les Kinstad, Affordable Housing Manager for the City of Sioux Falls.
A total of four affordable housing projects has been announced this year. In April, the City announced Chasing Willows II in southeast Sioux Falls, a partnership with Costello Companies that will offer 40 affordable housing units. Pettigrew Manor, an eight-unit complex in central Sioux Falls, was announced in June.
Partners for that project include Affordable Housing Solutions, South Dakota Housing Development Authority, First Congregational Church, and MetaBank.