BISMARCK – May 29, 2013 – (RealEstateRama) — The Industrial Commission today approved the biennial allocation plan for the state’s Housing Incentive Fund (HIF), allowing the North Dakota Housing Finance Agency (NDHFA) to accept applications from multifamily housing developers and contributions from taxpayers.
“One of our growing state’s greatest challenges is keeping pace with its housing needs. HIF has proven to be a valuable tool in addressing this challenge and we are pleased that the state legislature agreed, granting NDHFA continued authority to offer a source of funding to developers of affordable rental units,” commission members said in a joint statement.
The 2013 Legislature reauthorized the fund at $35.4 million and established program priorities of providing affordable housing for essential service workers in energy-impacted counties and preserving and providing for the needs of low- to moderate-income households statewide.
“To ensure western North Dakota communities are able to recruit and retain law enforcement personnel, teachers and long-term care workers, HIF applicants that set-aside units for these and other essential service workers will receive a scoring preference,” said Mike Anderson, NDHFA executive director.
The allocation plan is available online at www.ndhousingincentivefund.org or www.ndhfa.org.
Applications for the first funding round must be submitted by 5 p.m. (CDT) on Friday, June 28, to Planning and Housing Development Division Director Jolene Kline at NDHFA, PO Box 1535, Bismarck, ND, 58502-1535.
A minimum of 25 percent of the HIF dollars in each scoring round must be used to help developing communities with a population of not more than 20,000 individuals address unmet housing needs or alleviate housing shortages.
HIF received a $15.4 million general fund appropriation from the state. The balance of the fund will continue to rely on taxpayer contributions. Individuals and businesses that contribute to the fund will receive a dollar-for-dollar state tax credit. Contributions can be directed to a specific project or community. NDHFA is authorized to issue tax credit certificates to contributors on a first-come, first-served basis up to a maximum $20 million.
More than 600 taxpayers contributed $15 million to the fund during 2011 and 2012 providing enough capital to support 24 housing projects.
For more information on the Housing Incentive Fund, call (701) 328-8080, (800) 292-8621, (800)366-6888 (TTY) or email info (at) ndhfa (dot) org.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees NDHFA.