BISMARCK, ND – North Dakota Housing Finance Agency recently awarded $315,000 through the state’s Housing Incentive Fund to Mountain Plains Equity Group and Affordable Housing Developers Inc. The assistance provided supports the acquisition and rehabilitation of Dacotah Ridge Apartments, a 24-unit rental property in Dickinson, ND, that is occupied primarily by elderly and disabled households.
“Preserving affordable housing options for those who need it most is one of our highest priorities with the Housing Incentive Fund,” said Jolene Kline, NDHFA executive director. “We are pleased that this valuable housing resource will continue to serve North Dakota for years to come.”
Last November, NDHFA awarded $321,000 in federal tax credit authority to Dacotah Ridge through the Low Income Housing Tax Credit program. The equity created through the sale of the credits is the project’s primary funding source. The HIF funds will supplement a financial gap caused by an unexpected decrease in LIHTC credit value before the equity was able to be provided to the project.
“One of the greatest values of the Housing Incentive Fund is the program’s ability to close gaps in the financing of affordable rental housing,” said Kline.
Since HIF’s 2011 inception, almost $89 million has been allocated to 79 projects, leveraging more than $427 million in construction financing to support the development or rehabilitation of more than 2,500 housing units statewide. During the most recent funding round, NDHFA received five applications for the $1.2 million in HIF assistance that was available due to the cancellation of previous commitments.
NDHFA is a public financial institution dedicated to making housing affordable for all North Dakotans. The Industrial Commission of North Dakota, consisting of Governor Doug Burgum, as the chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the state agency.