Since the flood of 1997, the City of Grand Forks, and especially its downtown have been revitalized by redevelopment, investment and a renewed interest in living and working downtown. Several major planning and redevelopment exercises â€œreimaginedâ€ downtown, resulting in a revitalized historic central business district with a new Corporate Center, elegantly restored buildings, upgraded infrastructure, streetscape enhancements and unique public art spaces and mini-parks.
To ensure that future development is compatible with and enhances the substantial investments made downtown, the City established the Downtown Design Guidelines and established a Downtown Study Group to examine critical downtown development goals. Based on the strength of the downtown housing market, that group made a strong recommendation for further residential development and released a request for proposals to redevelop key downtown sites. MetroPlains was selected for its proposal to develop a three story apartment building to serve the mixed income rental housing market. The site is overlooking the Red River and abutting the new flood protection levee.
There will be a series of individual entries to access the apartments on the first floor facing North 3rd Street to maintain a pedestrian scale streetscape and to enhance the vibrant downtown community. Within the building, there will be two primary common areas, on the first and second floors. The main community space will be available for tenant use, and will contain entertainment features such as a large screen television, galley kitchen, and ample seating. The other community spaces are intended for gathering as well as conferences and work areas.There will be forty apartments ranging in size from 981 square feet to 1057 square feet. Tenants will have views of either the river or the downtown skyline. There are 57 parking spaces available on the property, for use by the residents at no charge. The Current is affordable housing - income restrictions do apply.
|1 BR (1/1)||733||Income Based|
|1 BR (1/1)||765||Income Based|
|2 BR (2/1)||1057||Income Based|
|2 BR (2/1)||940||Income Based|
|2 BR (2/1)||970||Income Based|
|2 BR (2/1)||980||Income Based|
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Grand Forks but actual income limits may differ for units at The Current Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$30,050||$34,350||$38,650||$42,900||$46,350||$49,800||$53,200||$56,650|
|Low Income (60%)||$36,060||$41,220||$46,380||$51,480||$55,620||$59,760||$63,840||$67,980|
The Current Apartments is managed by MetroPlains Management, LLC.