RidgeView on Foster Workforce Housing Initiative
Thanks to a generous gift of land from Avera Queen of Peace Hospital to the Mitchell Area Development Association, a new neighborhood development is planned to address the need for affordable housing to support our businesses whose employees need housing, as well as the individuals who wish to purchase homes.
Here are the facts:
- This planned neighborhood is located east and north of Avera Queen of Peace.
- The land was donated by Avera Queen of Peace to assist residents by bringing down the cost of homeownership.
- Tax increment financing will be used to pay for infrastructure, i.e., sewer, water, roads, etc. This means that property taxes paid by homeowners in this development will go to retire the cost of the infrastructure.
- 93 residences are planned in two phases.
- Construction will begin in summer 2020.
- A variety of home styles has been proposed to avoid a cookie-cutter neighborhood.
- Actual home values will be about $200,000 to $250,000. However, in consultation with Shelter, Inc., a nonprofit with expertise in financing for qualified buyers, homeowners with annual household incomes ranging from approximately $50,000 to $70,000 will find their mortgages and monthly payments will be considerably less than the actual home value would typically require.
- There will be covenants in place to prevent owners from renting these homes and to discourage flipping homes.
Professionals from SPN Engineering and District III Planning are developing plans that will ensure effective traffic patterns and neighborhood cohesiveness.
This new neighborhood development is a key effort to grow Mitchell and to provide opportunity for residents who wish to become homeowners.
For more information, contact Mark Vaux,CEO, Mitchell Area Development Corporation, firstname.lastname@example.org