BISMARCK, N.D. and MINNEAPOLIS (August 21, 2013) – U.S. Bank contributed $3 million to the North Dakota Housing Incentive Fund, which supports affordable housing in the state.
The contribution for the North Dakota Housing Incentive Fund was presented at the U.S. Bank building in downtown Bismarck today by U.S. Bank Regional President Tim Hennessy to North Dakota Gov. Jack Dalrymple, North Dakota Attorney General Wayne Stenehjem, Acting Executive Director of the North Dakota Housing Finance Agency Jolene Kline, and affordable housing partners.
“U.S. Bank is honored to provide this contribution to the Housing Incentive Fund,” said Hennessy. “We know that it will be used to help fulfill a vital need in our state. Every person should have access to affordable housing, and we are grateful for the Housing Incentive Fund that helps make it a reality for all North Dakotans.”
North Dakota’s affordable housing needs reached a critical stage when the state sustained widespread flood damage in 2011 and when the recent oil boom drew workers to Western North Dakota. This prompted the legislature to create the Housing Incentive Fund. U.S. Bank was one of the first companies to make a contribution to the new fund, helping to jumpstart it by providing $1.2 million in 2011.
“U.S. Bank is a strong partner in growing North Dakota’s economy and a good corporate citizen committed to giving back to the communities they serve,” said Gov. Dalrymple. “The company was one of the first to contribute to the Housing Incentive Fund and now they are making their second contribution, the largest to date for the fund. U.S. Bank’s investment will continue to advance our efforts to provide affordable housing for all North Dakotans and encourage more businesses to contribute so we can fully capitalize the fund and move projects forward.”
“This private sector support from U.S. Bank is integral to the Housing Incentive Fund’s success,” said Kline. “I thank the bank for supporting the development of affordable housing for our workforce and elderly and disabled households. These funds will make an immediate positive impact on North Dakota’s rural communities.”
About North Dakota Housing Incentive Fund
Making housing affordable for all North Dakotans has been the mission of the North Dakota Housing Finance Agency (NDHFA) for almost 30 years. In addition to offering a variety of affordable mortgage options, the Agency ensures the continued availability of suitable rental housing for low-income households and focuses on providing for the housing needs of rural communities. More information about the Housing Incentive Fund is available online at www.ndhousingincentivefund.org.
About U.S. Bank
U.S. Bank operates 23 branches and employs more than 1,350 people in North Dakota. U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,087 banking offices in 25 states and 5,032 ATM and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.