Field of Dreams Workforce Housing Project Construction Is Under Way
Construction is now under way on the Field of Dreams project, a 26-unit townhome complex located in southeast Sioux Falls. This nearly $4 million project will provide affordable home-ownership units for tenants with incomes at 80 percent or below of the area median income in the Sioux Falls Metropolitan Statistical Area.
Field of Dreams is a workforce housing project that will provide the Sioux Falls community with stylish and spacious housing that is also affordable. The multifamily pocket neighborhood housing project will provide low- and middle-income families the opportunity for home ownership in a neighborhood setting. The two-bedroom, two-and-a-half-bath units will also include attached garages and market-rate-style finishes. The development will be a unique concept for this area providing outdoor private and community space and financial education.
The 26 units will be built over the course of two years. The first 12 units will be available for sale starting in August with occupancy in late October or early November. The units will appraise above $150,000 with net sale price around $130,000 after each layer of support.
“Multiple layers of support are required for a project of this size to come to fruition,” says Wayne Wagner, Housing Development Director at Affordable Housing Solutions. “This represents a huge step forward for Affordable Housing Solutions in our ability to provide a significant increase in the number of affordable home ownership opportunities in Sioux Falls. As recent as 2014, we sold three houses. In 2017, we will have 22 home ownership opportunities.”
“The City of Sioux Falls is excited to be a partner in this incredible project,” says Les Kinstad, Affordable Housing Manager for the City of Sioux Falls. “It takes many partners all working together to create this type of affordable home ownership opportunity for our community.”
• Wells Fargo Housing Foundation: grant funding of $256,000
• City of Sioux Falls Community Development: $300,000 long-term, no-interest loan for the purchase of the land
• South Dakota Housing Development Authority: down payment assistance through the South Dakota Housing Opportunity Fund
• First PREMIER Bank: construction loan
Project Development, Construction and Sale
• Affordable Housing Solutions: project development
• City of Sioux Falls Community Development: funding support, compliance oversight, and buyer qualification
• Lloyd Construction: general contractor
• VanDeWalle Architects: design
• Sayre Engineers
• Keller Williams Realty: marketing partners