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Affordable Housing Project Breaks Ground in Spearfish
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SPEARFISH, S.D.— The Black Hills Area Community Foundation broke ground yet again Tuesday on the future location of affordable housing in Spearfish.
Low-interest gap financing through Black Hills Area Community Foundation helps developers keep construction below market cost.
Their Strategic Housing Director, Greg Litton, tells NewsCenter1 it will be easier to qualify for these new units than many other income-based housing programs.
BHACF Director of Strategic Housing Greg Litton says, "We have some tools and state statutes that cap them through through some funding mechanisms, where it actually just sets the rents at a certain level and doesn't require income qualification."
The Black Hills Area Community Foundation says it expects to bring over a thousand housing units to local communities by 2030.