Hoeven: Monterey and Brighton Place Apartments Prime Example of How to Leverage Federal Funding
Senator Advanced Programs that Provided $2.7 Million in Federal Funding Used to Leverage $15.8 Million in Private Investment for Affordable Senior Housing Project
WEST FARGO, N.D. – Senator John Hoeven today spoke at the grand opening of Monterey and Brighton Place Apartments, a new affordable senior housing facility in West Fargo. As a member of the Senate Transportation, Housing and Urban Development Appropriations Committee, Hoeven helped fund programs that provided more than $2.7 million in federal funding and financing, including investment tax credits, which were used to leverage more than $15.8 million in private investment for the project.
Monterey and Brighton Place Apartments consist of two, four-story apartment buildings with 78 one-bedroom apartments and six two-bedroom apartments. The housing 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. Additional amenities include heated tuck under garages, community rooms, wellness and exercise rooms, outdoor green space and lighted walking paths.
“The Monterey and Brighton Place Apartments will provide seniors with an affordable home and amenities that will help build a true community here for residents,” said Hoeven. “This housing facility is a prime example of what can happen when we work together and use public funding to attract greater private investment in our communities. We were able to take $2.7 million in federal funding and financing and leverage that into $15.8 million in private financing to make this new housing facility a reality. After helping to start the demolition for this project, it’s truly impressive to see this new housing complex, and we commend all those who worked so hard to make it happen.”
In 2019, Hoeven joined local and state leaders in starting demolition for the project. Additionally, the senator worked to advance programs to support the project’s construction, including:
- $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.
- $300,000 grant from the Community Development Block Grant (CDBG) program – supports affordable housing, services for vulnerable populations and job creation through economic development.
- Rental assistance under the U.S. Department of Housing and Urban Development’s (HUD) Section 8 project-based vouchers.
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