BISMARCK, ND – Tesoro Corporation contributed $500,000 in December to the North Dakota Housing Incentive Fund (HIF). The contribution will support the development of affordable housing in Western North Dakota.
“We are pleased to contribute to this valuable local program, which provides quality, affordable housing to the surrounding community. Tesoro is a proud partner of this community and appreciates the opportunity to support its vitality, well-being and educational resources,” said Todd Dixon, vice president and Tesoro Mandan refinery manager.
Capitalized by contributions from North Dakota 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. The North Dakota Housing Finance Agency (NDHFA) administers the program.
“By contributing to the Housing Incentive Fund, Tesoro helps advance North Dakota’s efforts to provide affordable housing for all its residents,” said Jolene Kline, NDHFA executive director. Tesoro designated the contribution for use in Bismarck/Mandan, Dickinson, Watford City and Williston.
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. The agency was able to successfully raise the funds needed in only eight months.
The HIF program will leverage more than $150 million in construction financing, supporting the development of 934 housing units.
To learn more about HIF and the projects selected by the agency, contact Kline or Bill Hourigan at (800) 292-8621 or email@example.com. Information is also available online at ndhousingincentivefund.org.