Housing Agency Says There is Still Time to Earn a 2015 State Income Tax Credit

Starion Financial Supports Affordable Housing Development in Bismarck/Mandan and Fargo

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NDHFA Executive Director Jolene Kline accepted a $500,000 check for the state’s Housing Incentive Fund from Starion Financial President/CEO Craig Larson today.  The bank’s contribution will support development in Bismarck, Mandan and Fargo.

BISMARCK ND – State taxpayers interested in supporting affordable housing development can still earn a credit on their 2015 state income tax as long as the North Dakota Housing Finance Agency receives their contribution by Dec. 31.

Agency officials accepted a $500,000 check for the state’s Housing Incentive Fund from Starion Financial today. The bank’s contribution will support development in Bismarck, Mandan and Fargo.

“Having a mix of housing, from market-rate homes to affordable rental units, ensures opportunities for all North Dakotans to improve their economic situation and contribute to their community positively,” said Jolene Kline, NDHFA executive director. “We are thankful for Starion’s support and for the support of all of our Housing Incentive Fund contributors. It is with their help that we are able to advance the state’s efforts to provide housing that’s affordable for all of our residents.”

Starion split its contribution between 100 West Main, Sierra Court and FiveSouth in Bismarck; Jeremiah Program Apartments and North Sky III in Fargo; and Shoal Creek Apartments and Trails West Townhomes in Mandan. Between the seven developments, affordable housing will be created for seniors with limited incomes, lower-wage workers, single parents seeking a way out of poverty through education, and essential community workers.

“It’s a privilege to be able to help create affordable housing in communities we serve,” said Craig Larson, president/CEO of Starion Financial. “To paraphrase my father and Starion founder, Frank Larson – as a community bank, we’re in business to help our communities grow and thrive. These projects will go a long way to serve the housing needs in Bismarck, Fargo and Mandan.”

Capitalized by contributions from state taxpayers, the Housing Incentive Fund 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. Individuals and businesses that make contributions to the program receive a dollar-for-dollar state tax credit. Contributions can be targeted to a specific project or community.

NDHFA must raise $30 million by Dec. 31, 2016, to fully capitalize the fund. To date, the agency has received more than $24 million. More information on the program is available online at www.ndhousingincentivefund.org or by contacting the agency at (800) 292-8621 or hfainfo@nd.gov.

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