BISMARCK, ND – April 22, 2009 – (RealEstateRama) — The North Dakota Housing Finance Agency (NDHFA) has been selected to receive a $600,000 loan from the USDA Rural Development’s Intermediary Relending Program. The funds will help finance projects in a nine-county area in western North Dakota.
NDHFA will use the loan to assist with the development of new housing and renovation of existing. The Agency will work with city, county and tribal housing authorities, for-profit and non-profit developers, and community leaders to identify areas of need.
“The gap financing that will be provided is critical – and often unavailable – in rural areas where construction costs typically exceed home values,” said Jolene Kline, NDHFA planning and housing development division director.
The designated communities are in Adams, Bowman, Burke, Dunn, Golden Valley, Hettinger, McHenry, Mountrail and Pierce counties.
“North Dakota Housing offers multiple resources to rural communities including support to conduct housing market surveys, development and rehabilitation funding, and technical assistance,” said Kline. “The Agency advocates an approach that looks at the housing demands of all members of the community and we create a strategy from there.”
For more information about housing resources available to North Dakota’s rural communities, contact Jolene Kline at (701) 328-8080, (800) 292-8621 or (800) 366-6888 (TTY).
Intermediary Relending Program funds are provided to community development or regional planning groups who then re-lend the money. Twenty organizations in 15 states were selected to receive a total of $12.7 million from USDA Rural Development. Funding of the individual recipients is contingent upon meeting the terms of the loan agreement.
