County okays $2 million to buy down Wolf Run Village loans
By Neal A. Shipman
The McKenzie County Board of Commissioners has approved providing $2 million to the McKenzie County Job Development Authority (JDA) to pay off two essential worker housing loans and to buy down the outstanding mortgage on the Wolf Run Village I in order to make that complex more marketable for sale.
Joel Brown, JDA president, told the commissioners that Wolf Run Village has an outstanding mortgage balance of $2.4 million, as well as a Housing Incentive Fund (HIF) loan balance of approximately $1 million and a Law Enforcement Housing Pilot Program (LEPP) loan balance of approximately $400,000.
According to Brown, the 42-unit condo complex, which was built in 2012 to provide housing for county, city and school employees, is no longer needed and is operating at a negative cash flow due to low occupancy and the requirements of the HIF and LEPP programs.
“The current cash flow results in a $15,000 per month shortfall to the McKenzie County Public School District No. 1, the City of Watford City and to McKenzie County,” stated Brown.