BISMARCK, ND – April 13, 2011 – (RealEstateRama) — The North Dakota Housing Finance Agency (NDHFA) is soliciting pre-applications for funding that can be used to purchase foreclosed, abandoned or vacant property in targeted communities in order to redevelop that property into safe, decent and affordable housing. The Agency is giving preference to applications that create rental units.
“Only properties in targeted areas are eligible,” said Jolene Kline, NDHFA planning and housing development division director. The targeted communities include Alexander, Belfield, Bowman, Dickinson, Fargo, Glenburn, Grand Forks, Mohall, Ray, Rolla, Rolette, Sherwood, South Heart, Tioga and Williston.
Funded by the U.S. Department of Housing and Urban Development (HUD), the $5 million award was made available to the NDHFA as part of the third round of the federally-funded Neighborhood Stabilization Program (NSP3). The intent of the federal program is to stabilize neighborhoods and stem the decline of property values.
HUD has mandated that NDHFA fund redevelopment activities in census tracts with a needs score of four or greater. A mapping tool can be used to determine a location’s score, www.huduser.org/NSP/NSP3.html.
In its NSP3 Abbreviated Plan, NDHFA indicated its intent to use 80 percent of its total NSP3 funding for activities that create affordable rental housing.
Pre-applications must be received in the NDHFA office by the close of business on May 6, 2011. More information is available on the Agency’s website, or by contacting Jolene Kline at jkline (at) ndhfa (dot) org, (701) 328-8080 or (800) 292-8621.
NSP was initially funded by the federal Housing and Economic Recovery Act of 2008. The state of North Dakota received $19.6 million from HUD, and all of those funds were obligated. Section 1497 of the Dodd-Frank Reform and Consumer Protection Act of 2010 authorized HUD to provide NSP3 funding.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the NDHFA.
North Dakota Housing Finance Agency
