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Over the past several weeks, several milestones have been met in the Single-Family Affordable Housing Program including an RFP for available lots, draft plan book, gap financing criteria and an executed cost-saving agreement.
Over the past several weeks, several milestones have been met in the Single-Family Affordable Housing Program including an RFP for available lots, draft plan book, gap financing criteria and executed sub-recipient agreement.
‘Request For Proposal’ for Lots
In late September, the City of Minot advertised for proposals asking for 35 lots that will be the location for the National Disaster Program’s Resilient Neighborhood. The RFP calls for lots that are close to walking trails, outside of the 2011 flood inundation area, within the city of Minot, and be close to grocery stores, hospitals, and other services. Two proposals were received on Oct. 30 and are under review.
The homes being built in the Resilient Neighborhood will be available to LMI (Low and Moderate Income) households. On Nov. 1, EAPC, an architectural firm in Minot, presented its draft of the plan book to the Committee of the Whole to gauge its response and gain feedback on what is being designed for the Resilient Neighborhood. This Resilient Neighborhood is for single-family homes. EAPC’s challenge is to design homes that meet the needs of the public all while remaining affordable. The architects held two meetings with those that may qualify to live in this Resilient Neighborhood to get a better idea of what they are looking for in a new home. With all that taken into consideration, they have been working toward designing homes that will be quality built and affordable to families within the City of Minot.
The project being proposed will offer gap financing to LMI households and renters in the buyout program assistance in purchasing new homes. The City has been working in collaboration with local banks, brokers, and the North Dakota Housing and Finance Agency (NDHFA) to be able to aid households with closing costs, realtor fees, and gap financing.
Saving Money on Financing with NDHFA
Homes that will be built on these lots will need to be under $253,000, which is the price set by NDHFA. The City of Minot has entered into an agreement with the NDHFA to save money and help manage the Gap Financing. The NDHFA already has the ability to finance homes and will contract with the City of Minot to get people qualified and help to qualify individuals.