First International Bank & Trust Contributes to Incentive Fund

WATFORD CITY, ND – First International Bank & Trust has contributed $220,000 to the North Dakota Housing Incentive Fund (HIF) to support the development of affordable rental housing in three northwestern North Dakota communities.

“We see the need for more permanent housing in western North Dakota and are happy to help with these contributions and loans at First International Bank & Trust,” said Steve Stenehjem, First International Bank & Trust CEO.

Capitalized by contributions from state taxpayers, HIF provides developers of affordable rental housing with low-cost financing if they agree to set-aside units for lower-income households. The North Dakota Housing Finance Agency (NDHFA) administers the innovative state program.

“I’d like to thank First International Bank & Trust for contributing to the Housing Incentive Fund and supporting the development of this much-needed housing,” said Mike Anderson, NDHFA executive director. “The housing this contribution will help create will benefit many North Dakota families who may otherwise struggle to pay high rents.”

Contributions to HIF can be targeted to a specific project or designated for general use in a community or region. The dollars contributed by First International Bank & Trust were allocated to projects that will create 44 senior-friendly apartments in Williston, a 124-unit family and workforce housing complex in Watford City, and 30 affordable town homes for families in Minot.

“The need for affordable housing is one of North Dakota’s biggest challenges,” said Anderson. “By contributing to HIF, you can help address this need and have a say in how your tax dollars are spent.”

HIF does not receive any direct funding from the state. It relies on contributions from taxpayers. The individuals, businesses and financial institutions that contribute to the fund receive a dollar-for-dollar state tax credit in exchange for their contribution to HIF.

For more information on the Housing Incentive Fund, contact the NDHFA at (701) 328-8080, (800) 292-8621 or www.ndhousingincentivefund.org.

First International Bank & Trust (North Dakota, Arizona and Minnesota) is owned by Watford City Bancshares, Inc., which is owned by the Stenehjem family. First International Bank & Trust is a full service, independent community bank, a member of FDIC, and an equal housing lender with 15 locations in North Dakota.

The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the NDHFA.

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