Wells Fargo Contributes $1 Million to the North Dakota Housing Incentive Fund

John Giese, Business Banking manager for Wells Fargo North Dakota, (center) presents a $1 million HIF contribution to members of the Industrial Commission and NDHFA Executive Director Jolene Kline.

BISMARCK, N.D., Dec. 31, 2013 – Wells Fargo today announced a $1,000,000 contribution to the North Dakota Housing Incentive Fund (HIF), which supports affordable housing development in the state.

“At Wells Fargo, we know the job of building a community belongs to all of us. We also know that the need for affordable housing is one of our state’s biggest challenges,” said John Giese, Business Banking manager for Wells Fargo North Dakota. “Wells Fargo is proud to contribute to the Housing Incentive Fund and help create affordable, sustainable housing opportunities for low- to moderate-income North Dakotans.”

Capitalized by contributions from North Dakota taxpayers, the 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. The North Dakota Housing Finance Agency (NDHFA) administers the program.

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.

“I thank Wells Fargo for its generous contribution,” said Jolene Kline, NDHFA executive director. “By supporting HIF, the bank helps advance North Dakota’s efforts to provide affordable housing for all its residents.”

To learn more about the Housing Incentive Fund and the projects selected by the agency, contact Kline or Bill Hourigan at (800) 292-8621 or info@ndhfa.org. Information is also available online at ndhousingincentivefund.org.

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