10 Million Stories
Affordable and safe housing for families in West Fargo
Syndicator: The Richman Group
Financing: Low-Income Housing Tax Credits (LIHTC)
30 units
Property details
2019
Year built
$6.05 million
Equity investment amount
The challenge
The YWCA of Cass Clay wanted to better serve women and families experiencing homelessness in West Fargo, ND. Many were victims of domestic violence who were looking for safe, stable, and supportive housing. The YWCA of Cass Clay secured the land but didn’t have the experience in financing a construction project of this scope. They needed a partner with expertise in using LIHTC to fund affordable housing.
The solution
We worked with the YWCA of Cass Clay to invest LIHTC equity through our long-term syndicator partner, The Richman Group. Partnering with syndicators simplifies both the identification of properties in high-need regions and the investment process, allowing us to provide thoughtful and efficient funding. With Fannie Mae among its partners, the YWCA of Cass Clay raised $7.3 million for construction.
The result
Opened in 2019, Grace Garden is a permanent haven for 30 formerly homeless families, with rent capped at 30% of income. Grace Garden also anticipates and meets the critical needs of this underserved renter base by providing supportive services and programs that offer necessities like food, winter coats, and back-to-school supplies.
LIHTC investments are an effective tool to expand access to affordable housing, particularly in underserved markets. They’re one way we’re working with our partners to address the country’s critical housing needs.
Dana Brown
VP of LIHTC, Green, Duty to Serve, MF Affordable Initiatives, and Healthy Housing, Fannie Mae
