FARGO, N.D., Nov. 25, 2024 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, and BlueLine Development, a Montana-based promotor of dignity, equity, and quality of life through housing, and their partner, the Fargo Housing Redevelopment Authority, have closed a deal to begin construction on Lashkowitz Riverfront Apartments, a new affordable housing community in Fargo, North Dakota.
Lashkowitz Riverfront Apartments will replace an older affordable housing community on the same lot. Once the tallest building in Fargo, the previous 22-story affordable housing community lost its efficiency, was vacated and demolished by implosion in September 2023. The new development will consist of 110 units, with four upper levels of affordable housing and a ground floor providing commercial space. Amenities at the new development will include community rooms, lounges, a rooftop patio, exercise room and free laundry.
A 100% Section-8 community, Lashkowitz Riverfront Apartments will serve families making between 30 and 50% of the area median income (AMI). The unit breakdown includes 52 one-bedroom units, 36 two-bedroom units, and 22 three-bedroom units.
“Affordable housing is much needed everywhere, and Fargo is not an exception. Recent growth in the area has increased demand for affordable housing, which WNC, in partnership with two great affordable housing partners, is proud to help address,” said Dan Garrett, Vice President of Originations at WNC.
Located at 101 2nd Street South, Lashkowitz Riverfront Apartments overlooks the Red River in the middle of downtown Fargo, bordering the Minnesota state line. When completed, residents will enjoy proximity to a nearby park, dining and local businesses.
The deal was structured with 4% and 9% LIHTC credits, with financing from the North Dakota Housing Finance Agency (NDHFA) Housing Trust Fund and Fargo Housing Capital Fund. Partners include BlueLine Development and Fargo Housing Authority.
Construction is expected to be completed in December 2025.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b14c6c56-97f8-4e37-ae29-a0145ef54552
