Minot has received federal approval for its plan to spend federal disaster recovery grant money.
The city is getting $68 million through the federal Housing and Urban Development department. The money will help with the recovery from last summer's flood, which swamped more than 4,000 homes and businesses.
The plan includes helping homeowners with repairs. The homeowners will get grants – but they have to agree to stay in their homes for periods of three to five years.
"Our market right here is so hot, that we really do want to help individuals," said City finance director Cindy Hemphill. "We're not looking for them to be able to turn around and sell the house quickly, making a large profit out of it."
The plan also includes developing new affordable housing and repairing infrastructure. It also includes a revitalization of Minot's downtown.
"Prior to the flood, we had started talking about how to revitalize our downtown area," said Hemphill. "With the flood, it became very apparent that we need housiung throughout the city of Minot."
Hemphill says a developer has been hired to help develop the downtown area. She says the project starts with building on some of the parking lots the city owns.
"There'll be retail on the outside, a parking structure in the middle, and apartments up above it," said Hemphill. "We'll do that with a combination of private funds, federal development funds, as well as CDBG money."
Hemphill says it also comes with an agreement the city reached with the developer.
"Twenty percent of the apartments will be at the low to moderate income level," said Hemphill. "We'll have that commitment from them for three years."
The city is proposing using $3 million in community development block grant dollars for the downtown project.
