Bremer Bank Contributes $450,000 to Housing Incentive Fund

Bremer Bank logoBISMARCK, ND – Bremer Bank recently contributed $450,000 to the North Dakota Housing Incentive Fund, making it possible for the program to fully capitalize months before the year-end deadline. As a result, the HIF program will be able to continue supporting the development of affordable multi-family housing units in the state.

“We are deeply appreciative of Bremer’s commitment to the Housing Incentive Fund,” said Jolene Kline, executive director of North Dakota Housing Finance Agency, the HIF program administrator. “Only through the steadfast support of our program contributors are we able to provide housing that’s affordable for all North Dakotans.”

The HIF program relies on taxpayer contributions and uses those funds to provide low-cost financing to developers of affordable rental housing. NDHFA had until Dec. 31, 2016, to fully capitalize the program. Because of Bremer’s latest contribution, the program met its goal three months earlier.

This was the company’s third major contribution to the North Dakota HIF in a little more than a year, bringing their total support to $1.95 million in the biennium.

“There’s a continued need for affordable housing in North Dakota and the Housing Incentive Fund plays an essential role in meeting that demand,” said Judd Graham, Bremer Bank’s Fargo Region CEO. “Our contributions to this fund not only support the HIF program mission, but also align with Bremer’s own commitment to giving back to our communities. It is especially meaningful in this case because everyone deserves a place to call home.”

The $40 million in HIF assistance NDHFA allocated this biennium is leveraging $196.4 million in construction costs to create 1,105 new units. More than one-third of the 30 projects supported provide housing for special needs households including disabled, homeless and elderly individuals and families.

Individuals and businesses that make HIF contributions receive a dollar-for-dollar state income tax credit. More information on the program is available online at www.ndhousingincentivefund.org or by contacting NDHFA at (800) 292-8621 or hfainfo@nd.gov.

Bremer Financial Corporation is a privately held $11 billion regional financial services company jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company provides a comprehensive range of banking, wealth management, investment, trust and insurance services throughout Minnesota, North Dakota and Wisconsin. Clients include individuals and families, mid-sized corporations, small businesses, agribusinesses, nonprofits, and public and government entities. For more information visit Bremer.com.

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

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