BISMARCK, ND – January 24, 2012 – (RealEstateRama) — The North Dakota Housing Finance Agency (NDHFA) received more than $6.3 million during its initial fundraising campaign for the Housing Incentive Fund (HIF). The state program provides tax credits for contributions to the fund and passes on flexible financing to help create affordable rental housing.
“North Dakota Housing received contributions ranging in size from $100 from an individual to the largest contribution, $2.5 million from Marathon Oil Company,” said Mike Anderson, NDHFA executive director. “The strong grassroots support displayed will result in much-needed housing for North Dakota families, seniors and our workforce.”
Of the HIF contributions received to date, 203 were from individuals. The remaining 19 contributions were from businesses and financial institutions. Any entity with a state income tax liability can support the incentive fund. In exchange, the contributor receives a dollar-for-dollar credit against their state income tax liability.
“Marathon is committed to being a positive force not only in the lives of those that work for the company, but for the individuals and families in the communities in which we operate,” said Terry Kovacevich, Asset Manager for Marathon’s North Dakota Operations. “By supporting North Dakota’s Housing Incentive Fund, we are able to show that commitment.”
Contributors may express a preference for their contribution to benefit a specific eligible housing project, community or area. Marathon targeted its contribution to affordable housing development in Dickinson, Killdeer and New Town.
To receive tax credits for the year, contributions to HIF must be received by NDHFA before the end of an individual’s or business’ tax year. The agency will continue to issue tax credits to contributors on a first-come, first-served basis until its $15 million maximum threshold is reached.
“The fund truly is a unique way for individuals and businesses to make an impact in their communities, making a community stronger by providing affordable housing choices for its residents,” said Jolene Kline, NDHFA Housing Development Division Director. “Eligible projects create new multifamily housing affordable to individuals and families of modest means.”
Ninety percent of the fund has been set aside for disaster- and energy-impacted areas. Half of the HIF dollars are to create units for households with an income at or below 50 percent of the area median income. And, a quarter of the fund is reserved for communities under 10,000 population that have an unmet housing need.
NDHFA received nine applications requesting $3.9 million for housing projects during its most recent funding round. The potential projects include three in Williston, two in Kenmare, and one each in Beach, Belfield, Crosby and Grand Forks. Two conditional commitments of funds were granted for projects in Crosby and Minot in October. Applications for the next grant round are due by March 31.
More information on HIF is available at www.ndhousingincentivefund.org or by contacting Jolene Kline or Bill Hourigan at info (at) ndhfa (dot) org, (701) 328-8080, (800) 292-8621, or (800) 366-6888 (TTY).
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the NDHFA.
