BISMARCK, ND – A state effort to create affordable rental housing is resuming activity.
North Dakota Housing Finance Agency (NDHFA) is accepting applications for development assistance through the Housing Incentive Fund (HIF), a program that has created more than 1,500 new units statewide.
“Our mission at NDHFA is to ensure that everyone in the state has access to housing they can afford,” said Jolene Kline, NDHFA executive director. “We are pleased that the State Legislature chose to reauthorize the program and we are appreciative of the Industrial Commission’s continued support.”
The North Dakota Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA. In anticipation of the reauthorization of the program, the commission approved HIF’s biennial allocation plan in late April.
The legislature reauthorized the fund giving NDHFA the authority to issue $30 million in state tax credits and providing an immediate $5 million from profits earned by the Bank of North Dakota with another $5 million contingent on bank profits earned during calendar year 2015.
HIF program information is available online at www.ndhousingincentivefund.org. To be considered in the first funding round, applications for assistance must be submitted by 5 p.m. (CDT) on Friday, May 29.
NDHFA will begin accepting taxpayer contributions into the fund in July.
For more information, contact NDHFA at (800) 292-8621 or firstname.lastname@example.org.
Since the program’s inception in 2011, NDHFA has allocated over $49 million to projects leveraging more than $240 million in construction financing.
A self-supporting state agency, NDHFA finances the creation and rehabilitation of affordable housing in North Dakota.