Forum staff reports, Published November 07 2012
Low-income apartments stalled due to fundingMOORHEAD – A low-income apartment complex tentatively planned for First Avenue North here has been stalled due to lack of state funding, according to the project manager.
The project, a two-building, 48-unit complex planned for 1500 1st Ave. N., had applied for state tax credit funding, but the project manager said Tuesday that funding was not received.
“At this time, we are considering reapplying for next year’s tax credits,” said Harlan Wells, of Summit Housing Group, a western Montana affordable-housing developer.
City Manager Michael Redlinger said 61 tax credit proposals were reviewed by Minnesota Housing this year. Twenty were funded, and many of them were for rehab projects, not new construction, Redlinger said.
Wells said he’s uncertain if the same project will be proposed at the same location when they reapply next year.
The estimated cost of the project was just over $4 million, and it would have serviced individuals or families making up to 50 percent of area median income, according to council documents.
Both the City Council and the Economic Development Authority passed resolutions backing the project in May.