NEW ROCKFORD, ND – Bank Forward contributed $50,000 to the state’s Housing Incentive Fund (HIF) in November to support the development of ten townhomes on the site of the former hospital in New Rockford, ND.
“It is a pleasure to make this contribution to support the Community of New Rockford. By helping bring affordable housing to the region via this project, we support our local builders and craftsmen during the construction phase, and hope to enhance the lives of the current residents and help attract others to the Eddy County region,” said Tom Watson, Bank Forward president. “This contribution exemplifies our organization’s mission to give back and support the communities we serve.”
Bank Forward directed its contribution to Meadowlark Homes, a development that aims to solve the community’s need for workforce housing, particularly for teachers. The townhomes are also of interest to area seniors that would like to downsize and still be able to live in the community. The New Rockford Betterment Corporation spearheaded the project.
“To have healthy, vibrant communities, we need housing that is both affordable and that adequately addresses the needs of the residents,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) executive director. “The Housing Incentive Fund has successfully helped us meet the housing needs of communities statewide.”
Capitalized by contributions from state taxpayers, HIF provides developers of affordable rental housing with low-cost financing if they agree to set-aside units for essential service workers, main street employees, and fixed-income households.
Bank Forward’s contribution supports a $430,000 conditional commitment NDHFA made to Meadowlark Homes in July. The total cost of developing the townhomes is estimated to be $1.5 million. Before the project can break ground, it must secure an additional $150,000 in HIF contributions.
“I encourage more businesses and individuals to make a HIF contribution this year so Meadowlark Homes and the other affordable housing projects that NDHFA awarded funds to this summer can move forward with construction next spring,” added Kline.
Individuals and businesses that contribute to HIF receive a dollar-for-dollar state tax credit. Contributions can be targeted to a specific project or community. More information on HIF is available online at http://www.ndhousingincentivefund.org or by contacting NDHFA at (800) 292-8621 or firstname.lastname@example.org.