BISMARCK, ND – April 22, 2011 – (RealEstateRama) — The Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has granted conditional commitments for $2.9 million in Low Income Housing Tax Credits (LIHTC) for construction or rehabilitation of 258 affordable housing units.
“The partnership between developers and the Housing Finance Agency is a win-win for North Dakota communities,” said Gov. Jack Dalrymple. “This collaboration has produced thousands of high-quality apartments that are in great demand by households of limited means.”
“This year’s allocation plan gave priority to projects in energy-impacted counties,” said Agriculture Commissioner Doug Goehring. “More than 175 units will be developed or rehabilitated to meet the demand in Stark, Williams and Ward counties.”
“NDHFA works to ensure federal tax credits are allocated to projects addressing the state’s greatest housing needs,” said Attorney General Wayne Stenehjem. “The program provides much-needed affordable housing for seniors, the disabled and the workforce.”
The 2011 housing credit awards include:
* Dickinson – $546,107 to California Commercial Investment to buy and rehabilitate Pioneer-Peaceful Haven, 106 units serving the elderly.
* Minot – $616,250 to Artspace Projects, Inc., for construction of Mainstreet Artspace Lofts, 32 units.
* Williston – $602,519 to GA Haan Development LLC., for construction of Nokota Ridge, 40 units.
* Casselton – $219,663 to Region V Community Development to build Sundance Village, 25 units.
* Dunseith – $592,716 to Turtle Mountain Housing Authority to build Turtle Mountain Homes VII, 28 units.
* West Fargo – $382,250 to Southhill Properties LLC for the construction of Preserve Townhomes, 27 units serving the elderly.
“Since the LIHTC program was created in 1986, $31 million in tax credits have been allocated for the production or rehabilitation of 189 projects in 43 communities,” said Mike Anderson, NDHFA executive director. “The $362 million dollars in private investment has produced more than 5,000 units for low- to moderate-income renters.”
For more information on the LIHTC program, contact Sylvia Burgess at (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 NDHFA.
