3 Jan 2024
The population of Milbank, South Dakota, continues to grow as more people discover this town. In 2021 alone, the population grew by 11% with nearly 3,500 residents calling Milbank home. As more people move to Milbank, demand for housing increases. To address this concern, the Rural Electric Economic Development (REED), Inc. Fund, in partnership with the Whetstone Valley Electric Cooperative, awarded a $1.5 million loan to JAG Development, LLC for a new housing development in the area.
“The total cost of the project is around $14 million, so the money from the REED Fund covers half of our budget,” says Joel Adler, owner of JAG Development, LLC. “These funds will be used for building costs so we can meet the demand for housing in the area.”
Adler and his team are building 33 single-family lots, with eight homes nearing completion as part of phase one. Two homes are already built and six more will be ready this spring.
This development project directly addresses a housing need in Milbank. Not only is there a growing demand for homes in the area, but buyers want well-built properties with features and amenities that will last. The 33 properties by JAG Development are ideal for buyers who are interested in new construction from a trusted local builder.
While the REED Funds will be used to cover important infrastructure elements like water, sewer, street, and gutter work, they will also give Adler the budget he needs to create desirable homes for residents. He knows the people who live in Milbank and wants to create quality houses for them.
“I appreciate how the people of Milbank care for their community,” says Dave Page, General Manager of the Whetstone Valley Electric Cooperative, Inc. “JAG Development is a great example of that by taking on this mission and using as many local resources as possible.”
Both Adler and Page have positive things to say about securing financing through the REED Fund. They mention how involved the loan officers are in the financing process and how they work closely with community leaders and other local groups to make sure the projects are viable.
“REED is a great financing partner,” says Page. “They’re always willing to look at each project from the perspective of the local community. REED staff worked closely with the local economic development corporation, other financing partners, and the cooperative throughout the entire process.”
The results speak for themselves. As Adler installs shingles in his newest houses, interest is already growing around the properties. This development can support the next generation of Milbank residents who are eager to become homeowners. These houses can also highlight how attractive Milbank is to people who are considering moving there.
“Anyone looking for the security of living in town while wanting an open rural environment will feel right at home in this housing development on the edge of Milbank,” says Page.
Learn more about other projects made possible by the REED Fund as part of the East River Electric Cooperative. See how this financing option continues to make a difference in our region by supporting more than 387 projects worth more than $117 million in rural areas. Follow us to see what we accomplish next.