WATFORD CITY, ND – A McKenzie County Bank contribution to the North Dakota Housing Incentive Fund (HIF) will support affordable housing developments in Watford City.
“McKenzie County Bank has always been a strong supporter of our community, and the decision to contribute to essential services housing using the HIF program was an easy one. These housing projects are critical to our community in order to provide housing for the people who will meet the needs of our growing population” said Scott Swenson, CEO of McKenzie County Bank.
Capitalized by contributions from state taxpayers, HIF provides developers of rental housing with low-cost financing if units are set-aside for essential service workers and low- to moderate-income households. North Dakota Housing Finance Agency (NDHFA) administers the program. The North Dakota Industrial Commission, consisting of Gov. Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the agency.
McKenzie County Bank contributed $145,000 to HIF in September splitting the funds between Wolf Run Village, a recently completed townhome complex for city and county employees, teachers and law enforcement personnel, and a McKenzie County Healthcare Systems development that will house hospital employees.
“Housing shortages and increased costs in energy-impacted areas make it difficult for government agencies and medical facilities to recruit and retain personnel,” said Jolene Kline, NDHFA acting executive director. “I’d like to thank McKenzie County Bank for supporting the needs of its home community.”
The Industrial Commission oversees the state’s housing development efforts and urged the legislature to reauthorize HIF during the 2013 session. NDHFA received a $15.4 million general fund appropriation to support the program and was authorized to further capitalize HIF by issuing $20 million in state tax credits.
“Housing our workforce and individuals and families of modest means continues to be one of North Dakota’s top priorities,” said Kline. “By contributing to HIF, businesses and individuals help address the need and have a say in how their tax dollars are spent.”
Including the Watford City developments, 18 housing projects received funding commitments from NDHFA this summer. The agency is currently reviewing additional development applications and will make more commitments very soon.
Contributions can be targeted to a specific project or designated for general use in a community or region. Individuals and businesses contributing to the fund receive a dollar-for-dollar state tax credit.
For more information on the Housing Incentive Fund, contact NDHFA at (701) 328-8080, (800) 292-8621 or www.ndhousingincentivefund.org.
Headquartered in Watford City, ND, McKenzie County Bank is a family-owned community bank that offers a full range of banking services in McKenzie County. The bank’s mission of providing the highest level of customer service and treating their customers with hometown values is the focus of every employee every day.
NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota.