On June 5, the Black Hills Area Community Foundation (BHACF) joined community partners to break ground on Peak View II, a new apartment complex in Spearfish.
Thirty new units of below-market housing are on the way in Spearfish. On June 5, the Black Hills Area Community Foundation (BHACF) joined community partners to break ground on Peak View II, a new apartment complex next to the existing Peak View I Apartments on Paramount Drive. The project will bring 30 units and 52 bedrooms to income-qualifying residents.
Peak View II is owned by Buxton Enterprises and developed in partnership with Lloyd Companies. At the groundbreaking, Spearfish Mayor Senden, John Buxton, co-owner of Buxton Enterprises, and Greg Litton, Director of Strategic Housing at BHACF, spoke about why affordable housing is needed in Spearfish and how local partnerships can keep bringing solutions like Peak View II to the area.
The project marks two firsts for the Foundation. Peak View II is BHACF’s first loan in Spearfish and the first new construction project to use Congressionally Directed Spending (CDS) secured for the South Dakota Ellsworth Development Association and BHACF through the 2024 Consolidated Appropriations Act. As a trusted partner, BHACF administers that funding and deploys it as low-interest loans for housing throughout the region.
Built through this public-private approach, Peak View II will provide a stable source of housing for generations to come, including for residents working in the education, hospitality, nonprofit, construction, and tourism jobs that are essential to the wellbeing of the region.
Peak View II is supported by BHACF’s Strategic Housing Initiative, which extends low-interest gap financing to developers and purchasers so they can construct or retain below-market housing. The Initiative has already brought 645 affordable housing units to Rapid City, and Peak View II opened the door in Spearfish. Just two months later, the Initiative broke ground on a second Spearfish project, the 94-unit Stone Ridge Commons. 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.