RAPID CITY, S.D.– Among the 11 agencies receiving Rapid City Vision Fund money is the Black Hills Area Community Foundation, which works to bring affordable housing to the area.
Black Hills Area Community Foundation
The foundation is receiving $5 million for its Workforce Development Strategic Housing Trust Fund, built on a need to increase housing availability.
“Our true goal of that fund in the beginning and right now is to invest in affordable housing projects for people that are making less than the average media income, so those households that are less than $50,000 a year,” Black Hills Area Community Foundation CEO Liz Hamburg said.
Workforce developments don’t just create opportunities for affordable housing prices.
“It allows projects to be profitable. A lot of developers can build market-rate and hire market-rate housing and make a profit,” Hamburg explained. “And developers should not have to lose money on a project just because they want to help with those lower-end income rents.”
Officials are currently reviewing applications for possible housing developments for the area.