Federal Tax Credits Support Affordable Senior Housing

BISMARCK – The Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has allocated $2.4 million in federal Low Income Housing Tax Credits (LIHTC) to five affordable senior housing projects.  The 163 units constructed will be located in Dickinson, Fargo, Jamestown, Minot and West Fargo.

“As North Dakota has grown dramatically in the last few years, so has the need for affordable housing for our aging population,” commission members said in a joint statement.

The Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA.

“We were pleased to receive so many good applications for quality projects, and to have the applications that will create housing for our most vulnerable population score so well,” said Jolene Kline, NDHFA executive director. “The 2014 credits bring an estimated $21 million in equity to the projects.”

The credits are awarded annually through a competitive application process. NDHFA received eight applications for the 2014 credits. All of the top-scoring applications were for projects providing housing for households age 55 and older.

Through the LIHTC program, the property owners receive an annual federal tax credit for 10 years. In return, the projects must be affordable for households at or below 60 percent of area median income for at least 15 years.

For more information on the LIHTC program, contact Sylvia Burgess at (800) 292-8621 or info@ndhfa.org.

NDHFA provides low-cost mortgages for low- to moderate-income households, finances the creation and rehabilitation of affordable housing, and monitors program compliance on low-income housing projects across North Dakota.

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