Red River CHDO is applying to the Federal Home Loan Bank of Des Moines for funding to build upon the success of the Spark Building Initiative. This new effort, dubbed the Spark Affordability Initiative, would focus on building and selling homes affordable to households earning 80% of area median income or less.
The funds would reduce the amount a buyer needs to borrow to purchase a home. This assistance paired with Direct Loan mortgage financing from USDA Rural Development would open the door to homeownership for more buyers in Grand Forks, Nelson, Pembina, and Walsh Counties. USDA Direct Loans provide an interest rate buydown, as low as 1%, for income eligible borrowers.
The Spark Affordability Initiative would offer priority consideration for veterans, and households with a disabled member. The application is due May 1, 2026. Funding announcements will be made in December of 2026. If successful, construction of homes would begin in 2027.
SPARK Build Featured in North Dakota Monitor
Red River CHDO’s SPARK Build initiative was featured in a May 4 article in the North Dakota Monitor – read it here: https://dthr.short.gy/ndmonitor-chdo
