Montana

The Cornerstone Recently Completed

A terrific project, The Cornerstone, was recently completed in Miles City, Montana. The project is an acquisition/rehab of the original Old Holy Rosary Hospital. The building served the community since 1910, but after being vacated in 1995 it grew to become the community eye-sore.  Recognizing inherent value in the building, community leaders began exploring other possible uses as a means to preserve and revitalize the structure. Melissa Hartman of the Miles City Housing Authority crafted the solution to convert the building into a 21-unit affordable housing complex.

The project is an excellent example of how a number of funding sources can be used to develop affordable housing in communities where the need is so great. The required financing came in part from Low-Income Housing Tax Credits, USDA Rural Development, HOME funds, CDBG funds, AHP funds from the Federal Home Loan Bank, and grant funding. Drawing from the numerous resources, the project has truly been a team effort working to ensure the final product is not only appealing to the residents and community but is also financially viable in both the short- and long-term. Overall persistence and hard work of all those involved with the project will be recognized when The Cornerstone Apartments are presented to the community at the end of October.

Makoshika Estates Apartments

A senior-living, affordable-housing development is planned for the community of Glendive, Montana. The project recently received tax credits and HOME funds bringing it one step closer to reality. The proposed development will consist of 18 units, covered parking, a community center, laundry facility, and serve those aged 65 and up. This project is another great example of how multiple funding sources make affordable housing in our communities possible. MPEG is proud to be a part of this project and looks forward to working with the developer team as the construction gets underway.

View for information on the Montana Tax Credit Program

North Dakota

Completed Projects

Garden Hills Senior Living; (37 units, senior age 55+ housing complex)
1321 Fifth Street NE
Jamestown, North Dakota 58401

Heritage Village; (6 units, multi-family housing complex)
57 Greenfield Road
Milnor, North Dakota 58060

Homestead Commons; (6 units, multi-family housing complex)
302 Third Street NW
Gwinner, North Dakota 58040

Serenity Apartments; (18 units, multi-family housing complex)
212 8th Avenue West
West Fargo, North Dakota 58078

Grand Opening of Garden Hills Senior Living

MPEG was on hand to offer congratulations to the Garden Hills Senior Living project in Jamestown, North Dakota at it Grand Opening on August 30, 2007. This new apartment complex is dedicated exclusively to residents aged 55 and over. MPEG is proud to be a part of this project bringing a valuable asset to the Jamestown community.
The 36-unit property offers tenants an array of amenities including a comfortable floor plan with modern appliances, garages, community room, fitness center, elevator, and 24-hour secured access. The property is located across from the Jamestown College in a newly developing portion of town, in close proximity to retail outlets, medical services, and churches.

Garden Hills Senior Living was sponsored by Hometown Living, LLC and financed in large part by federal tax credits that are made available to developers of low-income housing projects. The facility is therefore subject to rent restrictions to ensure affordable rent levels. Tenants must qualify to reside in the facility based upon annual income levels at or below 60% of the Area Median Income (AMI) for Stutsman County. This tax credit program is managed by the North Dakota Housing Finance Agency which is responsible for the development of hundreds of high-quality, affordable apartments across the state.

View for information on the North Dakota Tax Credit Program

Wyoming

The Rock Butte Apartments Undergoing Renovations

The construction/rehabilitation of the former Sundance Apartments in Green River, Wyoming began in April 2007. The again 70-unit multi-family apartment complex is now being upgraded, and to go along with the renovation, the property will be renamed as the Rock Butte Apartments. This project serves as a great example of how tax credits can be used to preserve and upgrade our existing inventory of low-income housing. A successful team effort between the Wyoming Community Development Authority, the USDA Rural Development Office, and the developer, Machacek Real Estate Holding Company. Construction has been progressing on schedule and should be complete in December of 2008. The residents will benefit from many upgrades throughout the interior and exterior of the complex.
 

View for information on the Wyoming Tax Credit Program