Addressing Housing Needs in Wall

As many of you know, housing remains in short supply in Wall and the Black Hills area. The City of Wall has worked diligently to address this challenge by putting infrastructure in place, resulting in ready-to-build land. Progress has already been made, with new housing developed in Echo Park and Hansen’s Subdivision, as well as the delivery and sale of Governor’s Homes. While this is a great start, we must continue planning for the future to meet the needs of our growing community.

To tackle this issue, WEDC has established a Strategic Housing Advisory Board. This locally led advisory board operates independently of government, providing the flexibility and responsiveness developers need to access critical funding. One of our key partners in this initiative is the Black Hills Area Community Foundation (BHCAF), which has received a $30 million grant to support the development of more affordable housing in the region.

What is Affordable Housing?

Affordable housing is defined as costing no more than 30% of gross household income, including all utilities, taxes, and insurance. For households with annual incomes between $36,000 and $50,000, this means housing costs should range between $900 and $1,249 per month.

However, traditional construction financing makes it difficult for developers to fund low- to moderate-income multifamily rentals. To address this, diverse financing packages are essential. WEDC and the Black Hills Strategic Housing Trust Fund (BHSTF) are joining forces to fill these financial gaps and make affordable housing a reality.

How We’re Supporting Housing Development

• WEDC will research and secure grant and loan opportunities to support creative financing solutions.

• BHSTF offers low-interest loans or grants to assist with new construction, rehabilitation, or retention of affordable housing, including both multi- and single-family projects.

We are excited about the creation of the Strategic Housing Advisory Board and the partnerships we’ve established to help developers build more affordable housing in Wall. By working together, we can ensure that our community has the housing it needs to continue growing and thriving.
For more information of realeste in Wall Contact Cheyenne McGriff, Soderquist Team of ReMax. https://www.remax.com/homes-for-sale/sd/wall/city/4668380