New 120-Unit Apartment Building To Go Up In Watford City

This link will likely break soon.

Lutheran Social Services (LSS) will soon begin construction of a new 120-unit apartment complex in Watford City pending a final decision by the Watford City City Council to allow the project to use $11 million in city revenue bonds on behalf of LSS.

Data points:

• similar to a project by LSS in Watford City 3.5 years ago
• using city bonds allows LSS an opportunity to obtain a lower financing rate; no risk to the city
• 16 units: target low-income; in range of $400 to $600/month
• rest of the units: market rate, range upward from $600/month to $1,850/month