The Rapid City Council has approved the creation of a new Tax Increment Financing (TIF) district to support the Sunridge Senior Affordable Housing project. This development will offer 38 apartment units for residents aged 55 and older, with rents set below market rates—around $955 for one-bedroom units and $1,145 for two-bedrooms.
The project targets seniors earning up to 60% of the area’s median income and aims to revitalize a long-vacant lot. While the Planning Commission initially raised concerns about the city’s financial risk in underwriting the TIF loan, council members emphasized the urgent need for affordable housing and the importance of using infill sites.
City officials noted that without TIF support, the project would face unsustainable debt levels, threatening its affordability. The council’s decision reflects a broader push to address housing shortages and support underserved senior populations in Rapid City.
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