Housing Incentive Fund Under Way

Affordable Housing Developments in Need of Contributions

Housing Incentive Fund program logoBISMARCK, ND – The North Dakota Housing Incentive Fund (HIF) is well underway with 24 housing projects given conditional commitments of funds, but contributions from taxpayers are needed to move them forward.

HIF relies on taxpayer support to provide low-cost financing to developers of affordable multifamily housing. The projects, located across the state, will split $34.7 million leveraging $181.5 million in development costs and creating 985 housing units of which 285 are targeted to households that provide essential community services. Approximately one-third of the developments will provide housing for special needs households including disabled, homeless and elderly individuals and families.

“We look forward to hearing from more of our past contributors and encourage new businesses and individuals to support the Housing Incentive Fund so we can get these important projects completed,” said Jolene Kline, NDHFA executive director.

NDHFA began accepting contributions into the fund on July 1. In order to be able to honor its financial commitments, the agency must fully capitalize the fund, raising $30 million by Dec. 31, 2016.

In addition to the $30 million in tax credit authority given to NDHFA by the state legislature during the 2015 session, the agency also received $5 million from profits earned by Bank of North Dakota. NDHFA will receive another $5 million from BND contingent upon the bank earning $130 million in profits during calendar year 2015. NDHFA will hold another application round when additional program funding becomes available.

HIF contributions can be targeted to a specific project or designated for general use in a community or region. Individuals and businesses that contribute to HIF receive a dollar-for-dollar state tax credit.

More information on HIF is available online at www.ndhousingincentivefund.org or by contacting NDHFA at (800) 292-8621 or hfainfo@nd.gov.

The Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees North Dakota Housing Finance Agency, the fund administrator.

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