The community of Churchs Ferry, North Dakota has received a $225,000 grant from the Federal Home Loan Bank's Affordable Housing Program. The grant will be disbursed to families earning less than 80 percent of the area median income to provide gap financing for the construction of 15 new homes, according to the Independent Community Banks of North Dakota's newsletter, Community Banker.
Threatened by rising water from Devils Lake, Churchs Ferry opted for a communitywide buyout to relocate residents to higher ground. The nearly $2.3 million plan, which will pay market rate plus an additional incentive for residents' property, may put some residents in new homes that are smaller or of lesser quality than the homes they will leave behind. To address this concern, the United Community Bank of North Dakota and Dakota Prairie Community Action Agency submitted $225,000 for the grant.
