Developer celebrates reopening of Rugby apartments
RUGBY – Affordable Housing Developers Inc. (AHDI) celebrated the Grand Reopening of Courtyard Apartments, an independent living community for households age 62 or older, Thursday in Rugby. The property, which was originally constructed in 1981, required extensive structural repairs.
“Affordable Housing Developers leveraged as many funding sources as possible to renovate Courtyard Apartments,” said Andrea Diede, AHDI executive director. “The property is the last subsidized housing available in Rugby, and public funding was needed to perform much-needed repairs and mitigate health and safety concerns.”
Courtyard Apartments consists of one eight-plex and three four-plex buildings with one-bedroom and two-bedroom apartments. Sagging floors in the four-plexes, caused by deteriorating and rotting floor joists and bearings, required AHDI to seek funding to address the structural issues. At the same time, AHDI decided to update all of the buildings to increase the useful life of the property.
Courtyard’s renovation was supported with $625,000 from the Housing Incentive Fund, a state-funded program administered by North Dakota Housing Finance Agency. HIF supports the development of affordable multifamily housing for low- to moderate-wage workers, the state’s aging population, individuals with disabilities and persons at-risk of homelessness.
The North Dakota Department of Commerce Division of Community Services provided $451,221 through the HOME Investment Partnerships and $338,559 through Community Development Block Grant programs. Additional support was provided by a $110,150 Souris Basin Planning Council grant; an Otto Bremer Trust grant valued at $75,000; $5,000 from the Rugby JDA; and more than $160,000 in owner equity and project reserves. Total project cost was $2.02 million.
Monthly rents at Courtyard range from $619 to $647 and can be adjusted, based on income, through a subsidy provided by USDA Rural Development. Currently, 85 percent of the property’s tenants benefit from this rental assistance.