DEVILS LAKE, ND – Western State Bank contributed $300,000 in December to the North Dakota Housing Incentive Fund (HIF). The contribution will support affordable housing development in the Devils Lake area.
“Western State Bank is proud to contribute to the Housing Incentive Fund and help create affordable, sustainable housing opportunities for North Dakotans in need,” said Brian Houkom, Western State Bank’s Chief Executive Officer. “Through our contribution, the bank is helping the communities we serve to grow and prosper by providing a means for affordable housing development.”
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.
“I’d like to thank Western State Bank for its contribution,” said Jolene Kline, NDHFA executive director. “By supporting HIF, the bank advances North Dakota’s efforts to provide affordable housing for all its residents.”
The North Dakota Industrial Commission, consisting of Gov. Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the state’s development efforts and recommended that the state legislature reauthorize HIF during the 2013 session. NDHFA received a $15.4 million general fund appropriation and was authorized to further capitalize HIF by issuing $20 million in state tax credits.
In November, NDHFA announced that it had committed all of the HIF funding to 34 projects, leveraging $150 million in construction financing.
To learn more about the HIF and the projects selected by the agency, contact Kline or Bill Hourigan at (800) 292-8621 or firstname.lastname@example.org. Information is also available online at ndhousingincentivefund.org.