Latest news with #Ekstrom
Yahoo
01-05-2025
- Business
- Yahoo
Work to begin in mid-May on housing rehabilitation project in Jamestown
May 1—JAMESTOWN — Work is expected to begin in mid-May on a housing rehabilitation project on Gardenette Drive in Jamestown, according to Brent Ekstrom, executive director of the Lewis and Clark Development Group. "I think it's gonna be a great project for the city of Jamestown and for the surrounding area," Ekstrom said. The Riverside Cottages project is a multiphase rehabilitation project of Gardenette Homes, which was initially constructed in 1972. The project comprises three phases to rehabilitate the 168-single-bedroom unit development of 42 single-level walk-up buildings into 150 units providing one-, two- and three-bedroom options. "There's going to be some more options for larger families or other folks that want to be having that two- and three-bedroom option instead of just the one bedroom," Ekstrom said. The Riverside Cottages Project is a continuance of reviving the southeast corridor in Jamestown, said David Klein, executive director of the Great Plains Housing Authority. He said Cash Wise Foods completed a large project and Jamestown Parks and Recreation District is expected to complete the first phase of the McElroy Park Field renovations this year. "And then now having the Renaissance Zone in some of those areas should help to be able to revive that corridor there," he said. Klein said there is a need in Jamestown for more rehabilitation projects but they aren't easy to do. He said a lot of state and federal requirements have to be met. "The housing needs within Jamestown are still great," Klein said. "We still see under a 2% vacancy rate. ... We still are hearing from employers that their employees and staff are residing in other communities." Ekstrom said the three-phase Riverside Cottages project will be completed over the next two years. Phase one will be the renovation of 40 units across 12 buildings that will turn into 32 one-bedroom and eight three-bedroom units. The second phase will result in the renovation of 40 one-bedroom units in 10 buildings. The final phase will result in 70 units across 20 buildings, featuring 50 one-bedroom and 20 two-bedroom units. CommunityWorks North Dakota has acquired Gardenette Homes and will help spearhead the complete property rehabilitation. The project involves partners Stride Development PBC, co-developer and co-general partner, and Lewis & Clark Development Group out of Mandan, North Dakota. Lewis & Clark Development Group is a collaboration of three separate nonprofit organizations — Lewis & Clark Regional Development Council, the Lewis & Clark Certified Development Company and CommunityWorks North Dakota. CommunityWorks is leveraging its expertise to advance the project as North Dakota's only charged national NeighborWorks America network member, Ekstrom said. NeighborWorks America is a congressionally chartered, national nonprofit that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities, according to its website. Ekstrom said the Riverside Cottages project includes the central redevelopment goal to provide net-zero carbon homes. He said the project will utilize federal energy tax credits and rebates and incorporate energy-efficient features — solar panels and high-performance HVAC systems — to reduce utility costs and improve indoor air quality for residents. "We're using the federal Low Income Housing Tax Credit Program as well as the North Dakota Housing Incentive Fund," Ekstrom said. "We're also using energy tax rebates and energy tax credits to finance that as well as traditional debt to fill the gap." The total cost of the project is still being calculated, Ekstrom said. He said there are solid cost estimates for the first two phases. He said the first two phases will use 9% Low Income Housing Tax Credits while the third phase will use 4% Low Income Housing Tax Credits. "Just in the first phase, I think we're right around that $7 million just in construction costs," he said. "Then, of course, there's the soft costs that doesn't include solar and asbestos abatement." The Jamestown Sun reported in August that the total cost of the project is $48 million. Ekstrom said tenants will be relocated while their units are being rehabilitated. "Then all those tenants that got moved will get moved back into their brand new refurbished apartments," he said. " ... We try not to disrupt people as much as possible, but we do keep them on-site. We just move them into a different unit, rehab their units, put all the energy efficiency stuff in there, and then put them back in their units." Ekstrom said the project's partners are working with Great Plains Housing Authority with vouchers. He said there will be a mix of tenant- and project-based vouchers. "This is very similar to what we did with Eagle Flats," Klein said, referring to the three-story apartment complex at 211 2nd Ave. SW in Jamestown. "It's (project-based vouchers) done with a lot of other projects but that assistance stays with that building rather than being mobile with the person."
Yahoo
16-03-2025
- Business
- Yahoo
Illinois' SmartBuy Program Forgives Student Loans To Help Potential Homeowners Buy Real Estate
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you want to eliminate your student loans, move to Illinois. That's what happened to James Ekstrom, who was able to purchase his first home through Illinois Housing Development Authority's Smart Buy Program after having $37,000 of student loan debt forgiven, Fox 39 WTVO reported. 'So all of that, the whole $37,000, got paid off,' Ekstrom said. 'I actually just checked on my accounts a couple of days ago, and I saw it, and I was like, Wow, it doesn't even feel real at the moment.' Don't Miss:This Jeff Bezos-backed startup will allow you to . The program was designed to help homebuyers with student loans enter the housing market. According to a 2024 report from the National Association of Realtors Research Group, 23% of all homebuyers had student loan debt, with a median debt of $30,000. 'With the additional money that I don't have to pay towards student loans anymore,' Ekstrom said, 'I plan to continue reinvesting that money definitely into this property and also plan on actually creating another account to set some capital aside to eventually, in the near future, probably very soon to acquire another property, possibly.' Trending: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast — Illinois Gov. J.B. Pritzker launched the SmartBuy program to enable access to affordable homes in the state despite buyers' financial burdens. It achieves this by providing financial assistance and debt relief. 'Fifteen years ago the average age of a first-time home buyer was 29. Today, it's 38,' Northwest Illinois Alliance of Realtors CEO Conor Brown said. 'It's really kind of sounding the alarm bells that the student loan debt is not sustainable. So, we need to think of ways that help alleviate some of that stress.' Although applications to the SmartBuy program are currently closed as funding has been exhausted, a few other states offer similar programs. These include:Kansas has more than 90 counties designated as Rural Opportunity Zones. According to the Kansas Office of Rural Prosperity, potential homebuyers in the state who move into one of those counties can receive student loan repayment assistance and/or a 100% state income tax credit. The student loan reimbursement assistance offers up to $15,000 in aid over five years. Maine's Student Loan Repayment Credit is administered by the Maine Revenue Service. The program offers a refundable tax credit of up to $2,500 annually.. Maryland offers the SmartBuy 3.0 program. It provides homebuyers with $6,000 in down payment assistance and student loan repayment assistance. The program will pay off a student loan equal to 15 percent of the home cost, with a maximum payoff of $20,000. Borrowers must also qualify for the Maryland Mortgage program. Michigan offers up to $300,000 in tax-free student loan repayment assistance for health workers who agree to work in the Health Professional Shortage Area. To qualify for the full repayment assistance amount, participants must apply through the Michigan State Loan Repayment Program and participate in the program for at least two years. Real estate is a great way to diversify your portfolio and earn high returns, but it can also be a big hassle. Luckily, there are other ways to tap into the power of real estate without owning property. Arrived Home's Private Credit Fund's has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate. The best part? Unlike other private credit funds, Looking for fractional real estate investment opportunities? The features the latest offerings. This article Illinois' SmartBuy Program Forgives Student Loans To Help Potential Homeowners Buy Real Estate originally appeared on Sign in to access your portfolio
Yahoo
06-03-2025
- Business
- Yahoo
Illinois program helps first-time homebuyer overcome student loan debt
ROCKFORD, Ill. (WTVO) — A Rockford resident bought his first home thanks to an Illinois program that helps former students pay student loan debt. James Ekstrom said he would have been looking to buy a home earlier on in his life, but thousands of dollars of student loan debt was in his way. '15 years ago the average age of a first-time home buyer was 29. Today, it's 38,' said Northwest Illinois Alliance of Realtors' Conor Brown. 'It's really kind of sounding the alarm bells that the student loan debt is not sustainable. So, we need to think of ways that help alleviate some of that stress.' Last month, Ekstrom was able to become a first-time homebuyer, thanks to the Illinois Housing Development Authority's program for student loan debt. The SmartBuy program relieved him of $37,000 of debt. 'So all of that, the whole $37,000 got paid off,' said Ekstrom. 'I actually just checked on my accounts a couple of days ago and I saw it and I was like, Wow, it doesn't even feel real at the moment.' Nearly one in five non-homeowners said debt is their main reason for not purchasing a home, according to a . As a result, more programs are becoming available to aid buyers. 'With the additional money that I don't have to pay towards student loans anymore,' said Ekstrom. 'I plan to continue reinvesting that money definitely into this property and also plan on actually creating another account to set some capital aside to eventually, in the near future, probably very soon to acquire another property, possibly.' While applications for the program are currently closed, the Illinois Housing Development Authority has other programs to help homebuyers. Anyone interested can visit the organization's . Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
