Hoeven Marks Development of Monterey and Brighton Place Affordable Senior Housing Facility
Senator Advanced Programs that Provided $2.5 Million in Federal Funding to Project, Used to Leverage $15.5 Million in Private Investment
WEST FARGO, N.D. – Senator John Hoeven today marked a demolition and groundbreaking for the development of Monterey and Brighton Place, a new affordable senior housing facility in West Fargo. The site is being built with the assistance of more than $2.5 million in federal funding and financing, including investment tax credits, which were used to leverage more than $15.5 million in private investment. It will include two, four-story apartment buildings consisting of 78 one-bedroom apartments and six two-bedroom apartments, which will be made more affordable for residents through the use of federal housing vouchers. Twenty percent of the units will be reserved for residents that require assistance to live independently.
“This project will expand the affordable housing available in the region, while providing a higher quality of living and updated facilities for low-income seniors,” said Hoeven. “These kinds of efforts highlight the importance of partnering the public and private sector, using federal funding through tax credits, low-cost loans and grants to bring more private dollars into a project, while also making the rentals more affordable for low-income residents with vouchers that we fund through HUD. This approach helps bring great projects to fruition, ensuring robust investment in housing and delivering a good value to taxpayers.”
Hoeven serves as a member of the Senate Transportation, Housing and Urban Development Appropriations Committee, where he has worked to advance programs that supported the project’s construction and will help ensure the property remains affordable for residents. These include:
- $1.7 million in Low Income Housing Tax Credits (LIHTC) – a federal resource that is allocated by the U.S. Treasury to state housing finance agencies to encourage private investment in the development of affordable housing.
- $712,000 loan from the HOME Investment Partnership Program – block grant funding to states and localities to support a wide range of affordable housing activities, including construction, building rehabilitation and rental assistance. North Dakota received more than $3 million in Fiscal Year (FY) 2019 funding under the HOME program.
- $150,000 grant from the Community Development Block Grant (CDBG) program – supports affordable housing, services for vulnerable populations and job creation through economic development. The state and Fargo region were allocated nearly $4 million and $760,000 of CDBG funding in FY19, respectively.
- Rental assistance under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 project-based vouchers.
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