First International Bank Supports Affordable Housing Development

First International Bank & Trust contributed $250,000 to the North Dakota Housing Incentive Fund in July specifically to support the development.

First International Bank & Trust contributed $100,000 to the North Dakota Housing Incentive Fund in October.

BISMARCK, ND – First International Bank and Trust contributed $100,000 to the state’s Housing Incentive Fund (HIF) in October to support the development of affordable housing in Bismarck.

“We are thrilled to support the North Dakota Housing Incentive Fund with our contribution. First International Bank & Trust is passionate about giving back to the communities in which we live and work. We are committed to our communities, as well as the great state of North Dakota,” says David Mason, Bismarck Market President of First International Bank & Trust.

First International directed the contribution to FiveSouth, a residential and retail development planned for downtown Bismarck. Ninety-four units in the development will be set-aside for income-qualified households including 33 units specifically for essential service workers – law enforcement, education and medical facility staff and local and state government employees.

“To have a vibrant and healthy community, we need to have housing that is affordable,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) executive director. “The Housing Incentive Fund is all about creating opportunities for our communities to flourish.”

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 and low- to moderate-income households. NDHFA administers the program.

First International’s HIF contribution supports a $3 million conditional commitment NDHFA awarded to the FiveSouth project in July. The total cost of developing FiveSouth’s affordable housing is estimated to be more than $17 million.

Since the HIF program began in 2011, First International has been a consistent supporter, contributing $870,000 altogether to support developments statewide.

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 www.ndhousingincentivefund.org or by contacting NDHFA at (800) 292-8621 or hfainfo@nd.gov.

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