Lutheran Social Services housing debts exceed assets
Management of apartments owned by Lutheran Social Services of North Dakota is being handled by a court-appointed receiver while preparations are being made to sell the buildings to new owners. Written By: Patrick Springer | ×
Lutheran Social Services is seen Friday, Jan. 15, at 3911 20th St. S., Fargo.
Michael Vosburg / Forum Photo Editor
FARGO The court-appointed third party now managing hundreds of affordable housing units owned by Lutheran Social Services of North Dakota has concluded that the properties market value is less than amounts owed to creditors.
Preliminary financial analysis results are included in a court document prompted by several banks objections to some of the properties being placed in receivership, a court process to oversee sale of the properties so creditors can be paid.
Lutheran Social Services housing debts exceed assets inforum.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inforum.com Daily Mail and Mail on Sunday newspapers.
The Oil Patch housing project that killed Lutheran Social Services of North Dakota
Lutheran Social Services of North Dakota scrambled to meet the urgent need for affordable housing in the Oil Patch and rural areas around the state. It moved aggressively, but ran into trouble when oil prices plunged and a Watford City housing complex played a pivotal role in the charity s financial collapse. Written By: Patrick Springer | ×
The Prairie Heights housing complex in Watford City, N.D., was developed by Lutheran Social Services of North Dakota during the oil boom in the early 2010s, when thousands of workers and their families flocked to the Oil Patch. Community leaders welcomed the $17 million project, but it ran into financial distress and helped to trigger the charity s collapse. Special to The Forum
jschramm@minotdailynews.com
The continuation of a citywide mask mandate is expected to be discussed during the regular COVID-19 update at tonight’s Minot City Council meeting. The council meeting begins at 5:30 p.m. in City Hall and can be viewed live on the city’s YouTube Channel or on public access Channel 19.
Mayor Shaun Sipma said the city’s existing mask mandate is tied to the existence of the state’s emergency declaration so even though the governor has lifted a state mandate, the state of emergency and the city’s mandate continue.
“Some are looking for discussion on whether we are going to roll ours back,” Sipma said. The city council voted 5-2 in October to direct the mayor to impose a community mask mandate that carries no penalty.