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Friday, August 17, 2012

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

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