Bell State Bank & Trust Supports Affordable Housing Development

PrintFARGO, ND – Bell State Bank & Trust gave $1 million to the North Dakota Housing Incentive Fund in August. The bank’s contribution will support the development of affordable housing projects in Fargo, Gwinner and Mandan.

“With our roots in community banking and as one of the state’s top mortgage lenders, Bell is pleased to support the development of the housing that North Dakota needs,” said Michael Solberg, president and CEO of Bell State Bank & Trust.

Bell’s contribution was targeted to North Sky III, a Fargo development for individuals age 55 and older; Prairie Pointe, a family-friendly Gwinner project that includes housing for disabled households; and Mandan Apartments, a property that will provide housing for low- to moderate-income families.

HIF relies on taxpayer support to provide low-cost financing to developers of affordable multifamily housing. Contributions can be targeted to a specific project or community. North Dakota Housing Finance Agency administers the program.

“We are grateful for Bell’s continued commitment to our development program,” said Jolene Kline, NDHFA executive director. “We look forward to hearing from more of our past contributors and encourage new businesses and individuals to support the program so we can move all of our projects forward this year.”

The bank contributed $1 million to HIF during the prior biennium as well.

In July, NDHFA made HIF commitments to 24 projects. The agency is now focused on fully capitalizing the fund so that all of the projects it supports can begin construction. 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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s