The Multi Family Housing Program is intended to incentivize housing development that will minimize Devils Lake’s housing shortage.
The applicant must construct multi-housing units with the city limits of Devils Lake, ND and there must be no less than four (4) units in the multi-housing development. If the developer would sell any units to bring the total development under 4 rental units, then the amount FDL has funded would be due immediately.
- The amount of the incentive is limited to no more than $50,000 as a local share per project.
- The total funding available for this program extension from Forward Devils Lake is $250,000.00. When the $250,000.00 has been used the program will end. Applications are approved on a first come basis and must include all application material.
- The incentive funding is to be used in the construction of a multi-family development.*
- The units in the multi-family development shall be single-family rental units.
- Project must start construction within 6 months of FDL approval for the project.
- The local share would be paid back to FDL after the original loan is paid. FDL will record a second mortgage or lien on the property to protect its interest. Payback of FDL funds will be over 5 years at 0% interest.
- Forward Devils Lake Board of Directors reserves the right to review and change the guidelines as needed