Hoeven: Demolition of Lashkowitz Tower Ushers in New Affordable Housing for Fargo Area
Senator Worked to Advance Nearly $24 Million for Lashkowitz Riverfront Project, Part of Efforts to Address Demand for Affordable Housing in FM Region
FARGO, N.D. – Senator John Hoeven today kicked off the demolition of the Lashkowitz High Rise, following his efforts to advance nearly $24 million in federal funding for the affordable housing redevelopment project. The senator remarked that the high rise had served the community well, but that this historic day will usher in new, better affordable housing for the region’s low-income residents.
The facility will be replaced by the Lashkowitz Riverfront, a 110-unit affordable apartment development that will serve low-income individuals and families. Amenities at the new development will include community rooms, lounges, a rooftop patio, exercise room and free laundry. The project is supported by a public-private partnership that leveraged a variety of federal programs Hoeven has worked to secure on behalf of affordable housing efforts in North Dakota, including:
· Low-Income Housing Tax Credits (LIHTC) – $15.7 million.
· Housing Trust Fund – $3 million.
· Housing and Urban Development (HUD) Capital Fund Grants – $3 million.
· Brownfields Cleanup Grants – $2 million for asbestos remediation.
o The demolition phase of the project was able to move forward due to this funding that Hoeven secured.
o Hoeven worked through his role on the Senate Appropriations Committee to advance Fargo’s applicationto the Brownfields program and ensure the city received an award that met the needs of the project.
· Section 8 Vouchers – Residents are eligible for rent support.
· Conventional Financing – $10 million.
“Fargo-Moorhead is a dynamic and vibrant community, with new families moving here all the time to take advantage of the robust economy that we’ve worked to build. That means greater demand for housing and the need to ensure access to affordable housing options,” said Hoeven. “The Lashkowitz Riverfront will be a high-quality development, offering modern amenities and comfort that any individual would want, regardless of income level. Projects like this are possible due to the federal resources that we’ve worked to make available, like LIHTC and other HUD programs, which enable developers to leverage private investment and secure a better value for taxpayers.”
As a member of the Senate Transportation, Housing and Urban Development (THUD) Appropriations Committee, Hoeven has worked throughout his time in the Senate to ensure strong support for federal programs like these, which enable developers to leverage private investment in affordable housing projects.
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