BISMARCK, ND – Marathon Oil Corporation (NYSE: MRO) continues to support affordable housing development in North Dakota. The energy company made its third major contribution to the Housing Incentive Fund (HIF) this week, a $500,000 contribution.
“Marathon Oil is committed to being a positive force not only in the lives of those that work for the company, but for the individuals and families in the communities in which we operate,” said Terry Kovacevich, regional vice president for the company’s North Dakota operations.
Capitalized by contributions from state taxpayers, HIF provides developers of affordable housing with low-cost financing to create rental units for essential service workers and low- to moderate-income households.
“Marathon Oil’s continued support of HIF is commendable,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) acting director. “The company’s ongoing commitment greatly advances the state’s effort to provide affordable housing for all North Dakotans.”
The state legislature reauthorized HIF this spring, giving NDHFA a $15.4 million general fund appropriation to support the program. The agency was authorized to further capitalize the program by issuing $20 million in state tax credits for contributions to the fund.
“The need for affordable housing is one of North Dakota’s greatest 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.”
Contributors may express a preference for their contribution to benefit a specific eligible housing project, community or area. Marathon Oil’s most recent contribution was targeted to development in Dickinson, Killdeer or New Town. The company contributed $500,000 to HIF in 2012 and $2.5 million in 2011.
For more information on the Housing Incentive Fund, contact NDHFA at (701) 328-8080, (800) 292-8621 or www.ndhousingincentivefund.org.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Agriculture Commissioner Doug Goehring and Attorney GeneralWayne Stenehjem, oversees the NDHFA.