Parkview Apartments, Inc. in Arlington, South Dakota, is a nonprofit organization that consists of nine buildings. The first building on this project was built in 1964 and the other buildings were later added in the 1970s. The project had seen an increase in vacancy rates prior to the renovation. Today, with USDA funded upgrades, they hope to increase the occupancy rate.
USDA Rural Development has partnered with South Dakota Housing Development Authority to fund rehab including reducing the number of units from 42 to 35, resulting in 14-one bedroom, 20-two bedroom, and one-three bedroom to better serve the needs of families in the area, along with roofing, siding, plumbing, electrical, flooring, windows, appliances, and handicap accessibility.
Rural Development State Director Elsie M. Meeks and staff members, along with South Dakota Housing Development Authority, Mills Construction, Arlington city officials, congressional staff, the property management team and tenants visited Parkview Apartments, Inc. last month to view the progress being made on the multi-family housing complex.
“In October of 1964, Building 2 was the first Rural Rental Housing Loan approved in South Dakota,” stated Meeks. She continued, “This is a great example of the federal government supporting local efforts. I am truly impressed with the outcome of the renovation. The apartments are beautiful. Congratulations to all who have provided leadership on this effort!” “It’s always so rewarding to see the end result of this process of funding and construction,” said Mary Jo Minor, Mills Property Management. “The Parkview Board of Directors has worked so hard for so many years to see this project happen. It never happens by itself, it takes committed people and good funding loan programs to revitalize and help preserve affordable housing options in rural communities.”
This property participated in the Multi-Family Housing and Preservation (MPR) demonstration program. Their existing loans were restructured with debt deferral and their long-term repair needs were addressed through the Underwriting process.
To find out more about USDA’s multi-family housing rehabilitation efforts click here.