Meeting Notice
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The Multi Family Housing Program is intended to incentivize housing development that will minimize Devils Lake's housing shortage.

Program Guidelines:

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

The Multi Family Housing Program is intended to incentivize housing development that will minimize Devils Lake’s housing shortage.

Program Guidelines:

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