BISMARCK, ND – December 6, 2011 – (RealEstateRama) — The North Dakota Housing Finance Agency (NDHFA) is offering state tax credits to individuals and businesses that make a contribution to the North Dakota Housing Incentive Fund (HIF).
“North Dakotans can now have a say in how their state tax dollars are spent,” said Mike Anderson, NDHFA executive director. “Contributions to HIF will support the development of safe, decent and affordable rental housing for families, seniors and the workforce.”
Contributors can target their dollars to a specific project or ask that their funds be designated for general use in their community or region.
“There is a critical need for rental units in our energy and disaster impacted communities. Gaps in financing are slowing down construction and keeping good projects from being built,” said Anderson.
Once a contribution is received, NDHFA issues a tax credit certificate to the contributor and the North Dakota Office of the Tax Commissioner. The credits can be fully claimed in the year that the contribution is made. If a taxpayer can’t use their entire credit the first year, it may be carried forward for up to ten tax years.
“Contributions made before Dec. 31 can be taken on 2011 returns, and those dollars will support construction next spring,” said Jolene Kline, NDHFA planning and housing development division director.
As the fund administrator, NDHFA is authorized to accept contributions to the fund up to $15 million. The fund is to be capitalized solely by state income and financial institution taxpayers.
More information on HIF is available at www.ndhousingincentivefund.org or by contacting Jolene Kline 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 the NDHFA.
