Multi-Family Housing Incentive Program

Forward Devils Lake Multi-Family Housing Programis intended to incentivize housing developmentthatwill minimize Devils Lake’shousing shortage. Application approval is at the discretion of the Forward Devils Lake board.

BusinessName:______Contact Person:______

Address:______

E-mail: ______Phone:______

Amount Requested:______Total Cost:______

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.

Documents needed for approval:

  • Bank approval letter
  • Estimated total cost of project
  • Visual image of proposed project

The undersigned states that he/she is duly authorized to verify the foregoing application, that he/she has read the same and is familiar with the statements contained herein and that the same are true in substance and in fact. The undersigned further agrees that if awarded funds from Forward Devils Lake, the funds will either be directly paid to the vendor listed in the budget or reimbursed to the grantee upon proof of cancelled check(s) and appropriate receipts. Forward Devils Lake is authorized to contact my existing creditors to verify good standing.

Signature of ApplicantDate

Executive Summary

Business Name:______

Owner’s Names:______

Number of Housing Units: ______Total Square Feet of Project:______

Address of Project Location: ______

When will construction start: ______Estimate completion date: ______

What is the outline of the proposed project? ______

______

______

______

______

Estimated rental price per unit? ______

Additional information regarding this project: ______

______

______

Applicant’s Name and Title (Print)Date

______

FDL ApprovalDate

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

Date project completed ______

Final cost of project ______

Attach a copy of all invoices to application

Date of loan closing ______

Signed:______

Rachel Lindstrom –Executive Director