RAPID CITY, S.D. (KELO) — Rapid City’s affordable housing market could see a boom this year. Three million dollars has been awarded to the Black Hills Area Community Foundation (BHACF) to help with the need in South Dakota’s second largest city.
As more people move to the area, it’s getting harder to find a home in the Rapid City are.
The BHACF and other agencies want to help.
“The Strategic Housing Trust Fund is a separate fund here at the BHACF where we house these dollars, the Bush Foundation dollars as well as the Vision Funds and dollars from the John T. Vucurevich Foundation and that fund is specifically used for addressing affordable housing needs,” Liz Hamburg, CEO of BHACF, said.
Housing is affordable when it’s one-third of a household’s monthly income. Which can be difficult for a lot of people.
According to Elevate Rapid City, there need to be at least 55-hundred homes with 30 percent of them being affordable housing in the next 8 years to accommodate the people moving to the area.
“We are seeing a huge influx of people moving to the area which really puts pressure on the market both rental and ownership because people typically who are moving in have a lot more money to spend on housing. So it is driving up our housing costs as well as eating into the market,” Laura Jones, Housing and Community Development Manager, said.
So the three million dollars awarded by the Bush Foundation will greatly benefit the need for affordable housing.
“These dollars from the Bush Foundation will add to those dollars and others that have been given to us by other donors and businesses so that we can make long term, very low interest loans and help developers create affordable housing in Rapid City,” Hamburg said.