Dickinson, N.D., Jun 30, 2014 -- Jasper Schneider, USDA Rural Development state director, announced today that Dickinson Pacific Associates received a $14.2 million loan to construct 136 apartment units in Dickinson.
“With extremely low vacancies and long waiting listings, there is a shortage of affordable rental options in Dickinson,” said Schneider. “This project will help address the housing need while providing quality places to live.”
The project, Dickinson Vista Apartments, will consist of four buildings with 32 one-bedroom units, 72 two-bedroom units and 32 three-bedroom units. For the benefit of future residents, a 2,500-square-foot community center will also be built, which will include an office, computer learning center and laundry facilities. Outside of the apartment buildings, there will be a covered picnic area complete with tables and benches.
USDA Rural Development will finance about 70 percent of the $20 million project with additional financing provided by Dickinson Pacific Associates. The apartments are expected to be finished in the summer of 2015 and offer monthly rental rates under market rent for the area.
To learn more about USDA Rural Development programs, please call (701) 530-2037 or visit http://www.rurdev.usda.gov/nd.