BISMARCK, ND – December 3, 2013 – (RealEstateRama) — Bremer Bank has contributed $750,000 to the North Dakota Housing Incentive Fund (HIF), supporting projects that will provide affordable housing for the state’s workforce, homeless individuals and families, and households age 55 and older.
“Supporting the needs of our communities has always been part of our core mission at Bremer Bank,” said Russ Erickson, president and chief executive officer for Bremer Bank in Fargo. “These affordable housing projects will provide quality shelter, safety and security for many in our communities. We are proud to partner with North Dakota Housing Finance Agency on working to create greater stability in our communities across North Dakota through this initiative.”
Capitalized by contributions from North Dakota taxpayers, HIF provides developers of rental housing with low-cost financing if units are set-aside for essential service workers and low- to moderate-income households. The North Dakota Housing Finance Agency (NDHFA) administers the program.
The North Dakota Industrial Commission, consisting of Gov. Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, recommended that the state legislature reauthorize HIF during the 2013 session. NDHFA received a $15.4 million general fund appropriation and was authorized to further capitalize HIF by issuing $20 million in state tax credits.
“Increased housing costs have made it difficult for essential service workers and households on fixed incomes to find housing that is affordable,” said Jolene Kline, NDHFA acting executive director. “I thank Bremer Bank for contributing to the Housing Incentive Fund, supporting the housing needs of the communities it serves.”
Bremer Bank divided its HIF contribution between projects in Burlington, Grafton and Minot that will provide family-friendly workforce housing; a Bismarck development that will house homeless individuals and families; and a senior apartment complex in Fargo.
NDHFA announced in early November that it has committed all of its authorized HIF funding to a total of 34 projects, leveraging more than $150 million in construction financing. The agency is now focused on fully capitalizing the fund so that the units created are affordable.
“Providing housing for individuals and families of modest means is one of North Dakota’s top priorities,” said Kline. “By contributing to HIF, businesses and individuals help address this need and have a say in how their tax dollars are spent.
HIF contributions can be targeted to a specific project or designated for general use in a community or region. Individuals and businesses contributing to the fund receive a dollar-for-dollar state tax credit.
To learn more about the projects selected by NDHFA to receive development support or how to contribute to HIF, contact Kline or Bill Hourigan at (800) 292-8621 or info (at) ndhfa (dot) org. Information is also available online at www.ndhousingincentivefund.org.
Bremer Financial Corporation is a privately held regional financial services company jointly owned by the Otto Bremer Foundation and Bremer employees. The company provides a comprehensive range of banking, investment, trust and insurance products and services throughout Minnesota, North Dakota and Wisconsin.
NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota. The Industrial Commission oversees the agency.