Lloyd Companies Announces Five New Affordable Housing Projects
From homes for those with unique needs to those who struggle with affordability, Lloyd Companies is honored to bring more accessible housing statewide this year.
Thanks to support from the South Dakota Housing Development Authority, which supported five projects with a combination of tax credits and other affordable financing mechanisms, there is much-needed construction moving ahead.
Here’s a look at what we’re working on:
FortyOne Flats
More affordable housing options are coming to southwest Sioux Falls with FortyOne Flats, the next phase of development at 41st Street and Ellis Road.
This will include a 41-unit, three-story apartment building with one, two and three-bedroom options, plus two four-bedroom units, which are new to the design. The building also includes a community room and office.
“We have seen significant growth in the southwest side of Sioux Falls,” said Kellen Erpenbach, who focuses on affordable housing projects at Lloyd Companies.
“This development is special to us because we are able to provide housing to multiple economic classes in one great location. We’ll have affordable and market-rate apartments here plus commercial development along 41st Street and future project phases.”
Lloyd Companies is working with Inter-Lakes Community Action Partnership or ICAP.
“They will provide residents case management services, education and linkages to support services. An example of one of these would be parenting classes,” Erpenbach said. “Residents who choose to engage with ICAP will create a housing stabilization plan identifying strengths, needs and goals.”
Construction will begin in mid-July of 2023 and will take 12 months to build. Move-ins are anticipated to begin during the summer of 2024.
Springs Edge
Much-needed affordable housing is coming to Rapid City with Springs Edge, a new project that builds on Lloyd Companies’ success in the market.
This 41-unit, three-story apartment building includes a similar mix as FortyOne Flats in Sioux Falls, including two four-bedroom apartments. There’s also a community space, office and playground.
“The need for housing in Rapid City is critical. The need for affordable housing in Rapid City is especially critical,” Erpenbach said. “This was our most challenging application to put together from a finance side, and we are glad we were able to get it done to help support the Rapid City community.”
Typically, these projects include a nonprofit partner. In this case, “we felt the need for affordable housing in Rapid was in such demand that we should submit an application even without a typical nonprofit partner,” Erpenbach said.
“However, Black Hills Community Foundation and its Strategic Housing Trust Fund stepped up in a big way to help us fill some financial gaps on this project. They were critical in getting this project awarded!”
The community will be across from Lloyd’s market-rate project, Sedona Flats, which is under construction, and near another future market-rate project. That will allow all residents to benefit from nearby services and businesses.
Construction is underway and is scheduled to take around 12 months to build. Move-ins are anticipated to begin during the summer of 2024.
Glory House II
The Glory House provides housing to a population that often has trouble accessing it, and this addition will build on the model’s success.
It will add 51 apartments – two dozen studios, 24 one-bedrooms and three two-bedroom, plus offices on the ground floor that will offer some on-site services for those impacted by their time in the justice system.
“We are proud to help Glory House expand their mission to more people as their programs have a proven track record of success,” Erpenbach said.
The development is a true partnership, with land donated by the city of Sioux Falls.
“We also partnered with Affordable Housing Solutions, who partnered with the MacArthur Foundation on the Just Home Project,” Erpenbach said. “Affordable Housing Solutions will be doing an interest-only loan for the project, which is instrumental to the project’s financial strength. Just Home will also be working with Glory House on the services side.”
Glory House Apartments is housing that includes a low-barrier entry to those impacted by the Justice system that allows for safe and affordable housing for all.
“Minnwest Bank as a local bank also partnered as part of the equity and debt on the project and are great to work with,” Erpenbach added.
Construction will begin mid-July of 2023 and be done in the early fall of 2024.
LifeScape Kennedy
Residents in need of group home services will soon have a new living option in the Sioux Falls area. LifeScape Kennedy will be an eight-bedroom community in Harrisburg.
“This project helps expand LifeScape’s vision and overall structure in building a group home each year,” Erpenbach said. “LifeScape offers supportive services and care to all of its people who have varying disabilities.”
The plan is to start construction in July and have the home ready in about a year.
Black Hills Works
A similar home is planned for those with special needs in the Black Hills area. This eight-bedroom community is a partnership with Black Hills Works.
“This was a great opportunity for us to partner with a new group to help provide needed housing,” Erpenbach said.
“Black Hills Works provides a wide range of supports for adults with intellectual and developmental disabilities in the state. Residents will be supported in the areas of employment, daily living, recreation, transportation, and more.”
Construction is scheduled to start in July with the home being ready in about a year.
