BISMARCK, N.D. – North Dakota Housing Finance Agency (NDHFA) is accepting applications for affordable multifamily housing development assistance through the Low Income Housing Tax Credit (LIHTC) and National Housing Trust Fund (HTF) programs.
“The Low Income Housing Tax Credit and Housing Trust Fund programs support the development of housing for the most vulnerable members of our communities, ensuring these individuals and families have a safe, decent and affordable place to call home,” said Jolene Kline, NDHFA executive director. The agency administers the federal programs on the state’s behalf.
Developers awarded LIHTCs sell the credits to raise capital from investors, reducing the debt required to build, preserve or rehabilitate a property. The equity provided makes it possible to rent the housing units to households earning 60 percent or less than Area Median Income (AMI).
The intent of the HTF program is to increase and preserve the supply of housing for extremely low-income households, those earning less than 30 percent of AMI, including homeless families. The assistance provided can be used for the production, preservation, rehabilitation and operation of a property. HTF financial awards are structured as forgivable zero-interest loans.
Eligible recipients of these development resources include units of local, state and tribal government; local and tribal housing authorities; community action agencies; regional planning councils; nonprofit organizations; and for-profit developers.
The LIHTC and HTF program plans and applications are available online at www.ndhfa.org or by contacting NDHFA at (800) 292-8621. The deadline for submission is Sept. 28, 2018.
NDHFA is a self-supporting state agency dedicated to making housing affordable for all North Dakotans. The North Dakota Industrial Commission, consisting of Governor Doug Burgum as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the agency.