American Bank Center Supports Nine Affordable Housing Projects

DICKINSON, ND – American Bank Center has contributed $220,000 to the North Dakota Housing Incentive Fund (HIF), dividing the dollars between nine affordable projects that will provide housing for elderly and disabled individuals and families, and will create workforce housing.

“Being a community bank, we are well aware of the housing challenges being faced in the communities we serve,” said American Bank Center President/CEO Stan Koppinger. “Understanding these needs and having the opportunity to participate in the HIF program is a win-win for everyone.”

HIF provides developers of affordable rental housing with low-cost financing if units are set-aside for essential service workers and low- to moderate-income households. The fund is capitalized by contributions from state taxpayers.

“Providing housing for individuals and families of modest means is one of North Dakota’s top priorities. I thank American Bank Center for its continued support of our development efforts,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) acting executive director.

This is American Bank Center’s fourth and largest contribution to HIF. The bank has contributed $420,000 to HIF altogether. American Bank Center’s most recent contribution was directed to projects in Bismarck, Burlington, Dickinson, Devils Lake, Mandan and Minot.

“We are very appreciative of the American Bank Center’s support of the Sullivan Apartments in Dickinson,” said Mary Anderson, Able, Inc. executive director. “The bank’s contribution will help create better housing options for people with intellectual disabilities. This generosity will long be remembered.”

The North Dakota Industrial Commission recommended that the state legislature reauthorize HIF during the 2013 session. NDHFA, the HIF administrator, received a $15.4 million general fund appropriation and was authorized to further capitalize the program by issuing $20 million in state tax credits.

In early November, NDHFA announced that it has committed all of its authorized HIF funding to a total of 34 projects, leveraging $150 million in construction financing. The agency is now focused on fully capitalizing the fund so that the units created are affordable.

“With the demand for development resources growing, more local, state and private dollars – like the HIF contributions made by American Bank Center – are needed to address North Dakota’s affordable housing needs,” said Kline. “By contributing to HIF, businesses and individuals help address this need and have a say in how their tax dollars are spent.”

HIF 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. NDHFA has until Dec. 31, 2014, to fully capitalize the fund.

To learn more about the projects selected by NDHFA to receive development support or how to contribute to HIF, contact Kline or Bill Hourigan at (800) 292-8621 or info@ndhfa.org. Information is also available online at www.ndhousingincentivefund.org. 

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