Housing

Housing
  

Cost of Living
Average cost for residential housing construction
     $135 to $175 per sq. ft.

Average apartment rental
     $450 to $1000 per month

Housing-Related Information
     Housing Contractor List  – Available upon request

Local Real Estate Agents

Ivy Real Estate Group      356 Central Ave. N.      Valley City, ND 58072      701-840-5044      www.ivyrealestategroup.com
RE/MAX Now      145 Central Ave. N      Valley City, ND 58072      701-845-0782     www.findrealtynow.com

 

Other Resources/Independent Listings
     Valley City Times Record
     www.times-online.com

     KOVC
     www.newsdakota.com

Flex PACE for Affordable Housing 

Local matching funds available to access Flex PACE for Affordable Housing through the Bank of North Dakota for multi-family housing development.

1. The Bank of North Dakota's guidelines are:

   $500,000 maximum buy down (grant); leverages about $167,000 local match.

   Requires one unit to be constructed for every $25,000 of Flex PACE Affordable Housing funds provided - Example: $500,000/$25,000 = 20 units.

2. Local match is a loan, maximum of 10 years.

3. Principal repaid within 6 months from the date Flex PACE funds are fully expended, not to exceed 10 years.

4. To meet the legislative intent, Flex PACE benefit must be passed on to tenants. The community's definition of "affordable housing" requires reduced rent by the amount of the Flex PACE interest savings provided by the Bank of North Dakota.

5. Investors may be able to leverage as a property tax exemption, PILOT, Housing Finance Agency's Housing Incentive Fund, Rural Development or others.

Housing Incentives

City of Valley City

• Incentive for new home construction within the city limits
• $1600 cash, 2 year property tax exemption on first $150,0000
• 2 year Park and Recreation membership valued at $1,400. Call 701-845-1700 for more information.

City of Valley City and Barnes County

• Local lenders: Contact them for.... a) In-house financing b) First time home buyers and c) Secondary market
• ND Roots Program: New/returning North Dakotans employed by a primary sector business go to: www.ndhfa.org.
• Dream Fund: Gap financing, emergency repairs, go to: www.communityworksnd.org.
• Two year property tax exemption for new home construction and major home renovations. For rural Barnes County, call 701-845-8515.