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Program seeks to provide lower cost rental housing in Montana, Wyoming and North Dakota

May 7, 2004 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

More affordable rental housing, especially in rural areas of Wyoming, Montana and North Dakota, is the goal of a program officially launched Thursday.

The not-for-profit Mountain Plains Equity Group Inc. http://mpequity.com/ was created by housing agencies in the three states to provide developers greater access to investment capital and federal tax credits in hopes of stimulating construction of cheaper housing units.

By The Associated Press

http://helenair.com/articles/2004/05/07/montana/a07050704_02.txt

‘‘Particularly in our rural communities, finding investors for housing projects can be expensive and difficult for local housing authorities, nonprofits and developers,” said Don Sterhan, president and CEO of the group, which is based in Billings, Mont.

He was joined by Gov. Dave Freudenthal and George Axlund, executive director of the Wyoming Community Development Authority, at a kickoff event at the Plains Hotel.

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Mountain Plains Equity Group

Donald J. Sterhan, President

490 N. 31st Street, Suite 301

Billings, MT 59101

Telephone: (406) 254-1677

E-Mail:

Organization Description
Mountain Plains Equity Group, Inc. (MPEG) is a newly formed 501(c)(3) non-profit company with its principal office in Billings, Montana. The organization was formed as a joint venture among the respective Housing Finance Agencies in the states of North Dakota, Montana and Wyoming. The mission of this new company is to assist in the development and equity financing of small-to-medium sized LIHTC projects in the 3-state region of North Dakota, Montana & Wyoming. In fulfilling it’s mission, MPEG functions as a syndicator of tax credits and is aggressively pursuing the development of affordable housing in its service area. MPEG was formed in April 2003.

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MPEG recently announced a $15 million securities offering to capitalize its equity fund. The group is seeking investors to contribute to the fund, which will help fund low-income housing projects, especially smaller ones that can be more expensive and more difficult to build in rural areas, officials said.