Investing In Affordable Housing: Four Much-Needed Projects Ahead
From one end of South Dakota to the other, the need for affordable housing is crucial and Lloyd Companies is prepared to meet it.
We’re in development with four projects from Sioux Falls to Rapid City and partnering with community organizations to bring needed homes and services.
“When we look at any area we’re developing, we want to make sure we’re providing a range of services for everyone,” Finance Director Mark Quasney said. “A big part of affordable housing is making sure we’re developing economically diverse areas across communities, so we’re not building housing for those of certain incomes in certain parts of a community.
”Following recent approval of tax credit financing from the South Dakota Housing Development Authority, Lloyd plans the following new communities:
The Grove at Ellis Crossing
This community will bring affordable housing to The Silos at Ellis Crossing, Lloyd’s new market-rate community on 41st Street and Ellis Road. The Grove will be a 35-unit, 3-story center load apartment building with a mix of 1,2, and 3-bedroom apartments.
“The Grove is intended to offer housing to families with children who are at or below 60 percent of the area median income,” Quasney said. “This is an example of integrating affordable housing into our newly developing areas of the community, offering these residents the same access to schools, retail and services as their counterparts at other income levels.”
The Grove is a partnership with Empower and residents will have access to the programs and ministries offered by the nonprofit.
Heartland Heights
Heartland Heights II will add a 41-unit, 3-story center-load apartment building on the east side of Rapid City near an elementary and middle school.
It will be a mirror project of the first phase of the community, which Lloyd began earlier this year.
“We’re under construction now and we’ve generated a lot of interest in the community,” Quasney said. “There’s a huge need in Rapid City. There is statewide, but it’s especially prevalent in Rapid City so we’re hoping we can get this second phase going to meet that need.”
Heartland Heights includes an onsite playground and community room. It is a partnership with the nonprofit Club for Boys, which will support services for residents including after-school programs and busing.
“We’re making good progress on construction of the first phase, and on track for an early spring move-in,” Quasney said. “Now we’ll roll directly into the second phase.”
Jefferson Village
Jefferson Village II is a 29-unit, 3-story center load apartment building with a mix of 1,2, and 3-bedroom apartments in northwest Sioux Falls at the intersection of Career and Innovation avenues.
“We were awarded the first phase of this community last year and it’s under construction. This next project will be a mirror of the first phase and finish developing a vacant lot at that intersection,” Quasney said. “Northwest Sioux Falls is experiencing significant growth in employment and educational facilities, and the need for more affordable housing is significant.”
Jefferson Village II is a partnership with the YMCA and tenants are eligible to participate in the many programs offered by the YMCA in the Sioux Falls area.
The Magnolia Home
The Magnolia Home is a continuation of a partnership Lloyd has with LifeScape, which provides a range of services to children and adults who have disabilities and medical rehabilitation needs.
“This is a townhome concept where it enables their clients to live in a community setting while still receiving supportive services,” Quasney said. “Each side of the home has four individual rooms and office space for staff.”
What’s Next
All of the affordable housing projects that recently received approval will start construction in the spring and take about a year until they’re ready for residents.
“We’re grateful for the tax credit financing necessary for us to bring these projects to our communities,” Quasney said. “Given the ongoing demand for this housing and services statewide, we’re glad we can begin to address it as quickly as possible.”
Learn more about the current affordable housing communities Lloyd Manages here.
