Contribution will support Grand Forks housing development
GRAND FORKS, N.D. – Alerus Financial, N.A. has contributed $250,000 to the North Dakota Housing Incentive Fund (HIF) to support the development of an affordable housing project in Grand Forks.
“While our market reach continues to expand we remain very committed to supporting our hometown, and it gives us great satisfaction to help provide much-needed affordable housing to residents of Grand Forks,” says Alerus Northern Valley Market President Chris Wolf.
The company’s contribution is targeted for University Flats, a 70-unit apartment complex to be built near downtown Grand Forks at 851 University Avenue. The approximately $11 million project will include 37 units earmarked for low-to-moderate income households. The project is expected to be complete in 2017.
Including this most recent contribution, Alerus has contributed a total of $1 million to HIF in 2015. Earlier this year, the company contributed $750,000 to support the Jeremiah Program’s campus in Fargo. The Jeremiah Program offers affordable housing, on-site early childhood education and support for single mothers to attend college, and is expected to begin building a 20-unit campus in Fargo in 2016.
HIF is a tax incentive fund created by the state legislature to encourage investment in affordable housing projects. HIF is administered by the North Dakota Housing Finance Agency.
About Alerus Financial Corporation
Alerus Financial Corporation, through its subsidiaries Alerus Financial, N.A., Alerus Securities Corporation, and Alerus Investment Advisors Corporation, offers business and consumer banking products and services, residential mortgage financing, employer-sponsored retirement plan administration, and wealth management including trust, brokerage, insurance, and asset management. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, N.D., the Minneapolis-St. Paul, Minn. metropolitan area, and Scottsdale, Ariz. Alerus Retirement Solutions plan administration offices are located in St. Paul, Minn., East Lansing and Troy, Mich., and Manchester, N.H.