On August 4, the Black Hills Area Community Foundation (BHACF) and Spearfish Economic Development broke ground on Stone Ridge Commons, a new affordable housing community from Lloyd Companies on the south side of Paramount Drive, just west of the Holiday Inn. The project will bring 94 units and 172 bedrooms to the rapidly growing community.
Stone Ridge Commons is designed for residents earning up to 80% of area median income. Instead of a traditional apartment building, the community features a two-floor townhome design with every entry on the first floor and a mix of one-, two-, and three-bedroom units. Full-time students will also be eligible to rent at Stone Ridge Commons, opening the door for students to find below-market housing in Spearfish.
Lloyd Companies will build and own the community. The project is funded through a combination of sources: a low-interest loan from BHACF’s Strategic Housing Initiative, a tax increment financing (TIF) district approved by the City of Spearfish, and conventional financing.
At the groundbreaking, Kory Menken, executive director of Spearfish Economic Development, Mark Quasney of Lloyd Companies, and Greg Litton, director of strategic housing at BHACF, spoke about why affordable housing is needed in Spearfish and how local partnerships will continue to bring innovative solutions like Stone Ridge Commons to the area.
Stone Ridge Commons is the second Spearfish project for BHACF’s Strategic Housing Initiative this year, following the June groundbreaking of the 30-unit Peak View II. Together, the two projects will bring 124 below-market units to Spearfish. The initiative extends low-interest gap financing to developers and purchasers so they can construct or retain below-market housing, and it has already brought 645 affordable housing units to Rapid City. BHACF expects to bring more than 1,000 housing units to communities throughout the Black Hills by 2030.
To learn more about the Black Hills Area Community Foundation’s affordable housing work, visit bhacf.org/affordable-housing or call 605-718-0112.
This content is sourced from
Black Hills Area Community Foundation
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