Housing LoansRosholt Housing and Redevelopment Authority
Category: Traverse Electric, Multi-Family Housing, Cooperatives
Rosholt Housing and Redevelopment Commission has a successful 17-year track record in building and managing housing in the town of 427. It owns 10 units, two 4-plexes and a duplex, to meet a growing need for housing. An additional 4-plex was recently completed with all units spoken for. Traverse Electric’s REED Fund and an area bank partnered to finance the new units and refinance the existing units, one of which was also a Traverse/REED project in 2012.
The townhomes are popular and there is a waiting list of 15 even after the new units have been filled. They are popular because they meet the need of an older generation that does not qualify for low-income housing, but wants independence and low maintenance, all on one floor.
Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, Traverse Electric provides gap financing from REED to help business start and expand business, create jobs and help communities improve facilities, services and infrastructure.
Clayton Halverson, Cooperative Manager says that providing funding to the Rosholt HRC is a great opportunity to positively impact the lives of many. “In today’s economy, employment, housing and economic development continues to be challenging, so being able to assist through the REED Fund is very gratifying for us, knowing we are making a difference in our small communities and rural areas.”