SIOUX FALLS, S.D. (KELO AM) - The City is loaning Costello Companies $750,000, at zero interest, for a nearly $5.5 million affordable housing apartment in southeast Sioux Falls.
Director of Community Development Darrin Smith says the project has forty units for tenants with incomes that range at or below 60 percent of Sioux Falls median income.
Smith says it means rent for a one bedroom apartment will be as low as $320, rent for a two bedroom apartment as low as $390 and three bedroom rent will be as low as $630.
The City's funding to assist the project will be in the form of a loan to be repaid to the City over the life of the project.
Construction on Chasing Willow Two will begin in May with rental available in June of next year. The complex will be located at 4940 East 54th Street and will feature a clubhouse and an outdoor children's playground