First International Bank & Trust Supports Wolf Run Village

WATFORD CITY, ND – First International Bank & Trust has lent its support to an affordable housing development for Watford City teachers, law enforcement personnel, and city and county employees. The bank contributed $250,000 to the North Dakota Housing Incentive Fund (HIF) in July specifically to support the development.

First International Bank & Trust contributed $250,000 to the North Dakota Housing Incentive Fund in July specifically to support the development.

“With the continued need for more permanent housing in western North Dakota, First International Bank & Trust is happy to make a contribution to the Wolf Run Village project,” 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 essential service workers and low- to moderate-income households. The North Dakota Housing Finance Agency (NDHFA) administers the program.

“First International Bank & Trust has been a great partner in the community and to the HIF program,” said Jolene Kline, NDHFA acting executive director. “Through its contribution, the bank is making a positive impact that will help address Watford City’s public education and safety needs.”

Wolf Run Village, Inc. received a $1.48 million HIF commitment from NDHFA that ensures that the rental units are affordable to the essential service workers. First International Bank & Trust’s contribution supports the state agency’s commitment.

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

The state legislature reauthorized HIF this spring, giving the program a $15.4 million general fund appropriation. The balance of the $35.4 million program relies on taxpayer contributions. Individuals and businesses that contribute to the fund receive a dollar-for-dollar state tax credit. Contributions can be directed to a specific project or community. NDHFA is authorized to issue tax credit certificates on a first-come, first-served basis up to a maximum $20 million.

Contributions to HIF can be targeted to a specific project or designated for general use in a community or region. In 2012, First International Bank & Trust contributed $220,000 to HIF to support projects in Minot, Watford City and Williston.

For more information on the Housing Incentive Fund, contact 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 16 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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