Federal Tax Credits Available for Affordable Housing Development

BISMARCK, ND – North Dakota Housing Finance Agency is currently accepting applications for federal Low Income Housing Tax Credits to support the development or rehabilitation of affordable rental housing.

The Low Income Housing Tax Credit program addresses the needs of North Dakota’s lowest income households, ensuring that they are able to find a safe and affordable place to call home,” said Jolene Kline, NDHFA executive director.

The credits are offered annually through a competitive application process. Evidence must be shown that there is a need for the housing proposed, that the community supports the development, and that construction costs are reasonable. Only developments that meet both federal and state priorities receive credits and only the amount of credits needed to make a project viable are allocated.

The program allocation plan and application are available online at www.ndhfa.org or by contacting NDHFA at (800) 292-8621. The deadline for submission is Sept. 30, 2016.

Heritage Hills in Dickinson, supported through the Low Income Housing Tax Credit Program

Heritage Hills in Dickinson, partially supported through the Low Income Housing Tax Credit Program.

“NDHFA has administered the federal program for 30 years allocating more than $40 million in credits to 194 projects in 43 communities,” said Kline. “Through the sale of the tax credits, an estimated $360 million in private capital investment has produced almost 6,700 affordable housing units statewide.”

A self-supporting state agency, NDHFA finances the creation and rehabilitation of affordable housing across North Dakota. The North Dakota Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the agency.

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