Lloyd Companies awarded tax credit support for affordable housing projects

Lloyd Companies awarded tax credit support for affordable housing projects
News, Projects, Our Communities

 

Lloyd Companies is looking forward to beginning two needed housing projects in Sioux Falls, thanks to tax credits recently awarded by the South Dakota Housing Development Authority.

“Affordable housing in an important part of our mission,” said Mike Crane, our director of affordable housing at Lloyd Companies.

“We are actively focused on reaching special segments of the population and providing housing assistance.”

The next projects will be The Residence at Greenway and Technology Heights II Apartments.

The Residence at Greenway will be a 42-unit project providing housing for income-qualified seniors (62+) and residents with disabilities.

Lloyd Companies will demolish the existing 1970’s era apartments currently located at 3008 E. 26th Street and construct a new building consisting of one- and two-bedroom units in its place.

“We will help the existing tenants relocate to new housing,” Crane added. “If a tenant wishes to move back into the new project once it is completed, they will be offered that opportunity as well.”

Lloyd Companies will work with Affordable Housing Solutions to provide program and staff support for project residents who need help with daily living activities.

“There is a significant need for this type of housing,” Crane said. “Greenway will provide people with disabilities the chance to live independently while having access to the services they need.”

The $6.1 million project will start construction in June 2019 and is scheduled to be complete in June 2020.

Technology Heights II Apartments located at 3810 N. Career Avenue is phase two of a successful project.

“Phase I is full,” Crane said. “Phase II is intended for families. The amenities that are part of the project are intended to meet the needs of both children and adults. Families living in the project will have incomes that range from 30-50 percent of median income. Rents will range from $442 per month for a one-bedroom unit to approximately $1,000 per month for a three-bedroom unit.”

Phase II will include 39 units in a mix of one, two and three-bedroom floor plans.

Lloyd Companies will build and manage Technology Heights II Apartments while partner Y Housing III, LLC will own it. The $6.2 million project is scheduled to start in May 2019 and be completed in June 2020.

“This project is in the northwest quadrant of the city, close to education opportunities at Southeast Technical Institute and the University Center.

“There are lots of employment opportunities close by, so it is a good location for people to live,” Crane said. “We are excited about starting Phase II.”

Lloyd Companies is also actively pursuing other tax credit housing development opportunities, he said. “We are looking to expand our reach in to Iowa and other states as we look to grow this portfolio for the company.”