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April 21, 2021
RAPID CITY, S.D. The issue of affordable housing across Pennington county isn’t going anywhere, but the Black Hills Area Community Foundation (BHACF) is developing a new approach. That new development is the founding of the Strategic Housing Trust Fund.
According to the Black Hills Knowledge Network, more than half of households earning less than $20,000 per year in 2016 spent more than half of their income on housing. As a result, many low-income households are forced to buy up, while high-income households are buying down – creating higher prices in the mid-range housing market.
“We know that we are short about 3,500 units, for people that need rents below $900, they just don’t exist,” said BHACF CEO, Liz Hamburg. “Especially now, the housing market’s particularly tough with the influx of people coming into the Black Hills and with the base population growing, the need we see now is probably going to increase.”