Development secures adequate Housing Incentive Fund support
BOWMAN, ND – December 20, 2012 – (RealEstateRama) — Northern Improvement Company has contributed $150,000 to the North Dakota Housing Incentive Fund (HIF) to support the development of The Landing, a 24-unit Lutheran Social Services Housing apartment complex for families and disabled households in Bowman.
“Northern Improvement is pleased to contribute to the development of The Landing,” said Vice President Steve McCormick, Jr. “Our company is appreciative of the work opportunities in western North Dakota and we feel this is a good way to give back to the people in that part of the state by reinvesting in the community.”
With Northern Improvement’s contribution to The Landing, Lutheran Social Services Housing has secured adequate HIF dollars to move forward with the project. The $3 million project was awarded approximately $1 million through HIF, a state program that supports the development of affordable rental housing.
“Lutheran Social Services Housing is grateful to Northern Improvement and all our contributors for their support,” said John Philips, Lutheran Social Services Housing real estate development specialist. “We look forward to The Landing becoming part of the Bowman community.”
HIF does not receive any direct funding from the state. It relies solely on contributions from taxpayers. The individuals, businesses and financial institutions that contribute to the fund receive a dollar-for-dollar state tax credit in exchange for their contribution to HIF. Contributions can be directed to a specific project or community.
“The need for quality affordable housing is one of our state’s biggest challenges right now,” said Mike Anderson, North Dakota Housing Finance Agency (NDHFA) executive director. “By contributing to HIF, taxpayers can help address this need and also have a say in how their tax dollars are spent.” NDHFA is the fund administrator.
NDHFA is making a final push to fully capitalize HIF by the end of the year. The agency conditionally committed $15 million in HIF funding to 26 projects. To date, the agency has received more than $12 million. HIF projects in Crosby, Devils Lake, Killdeer, Kulm, Mandan, Parshall, Watford City and Williston are still in need of funds.
NDHFA is authorized to issue tax credit certificates to contributors on a first-come, first-served basis until its $15 million maximum is reached. Contributions must be received by December 31 to be claimed on 2012 tax returns. For more information, contact Jolene Kline or Bill Hourigan at (800) 292-8621 or www.ndhousingincentivefund.org.
Lutheran Social Services Housing, a program of Lutheran Social Services of North Dakota, supports the continued vitality of the state’s smaller communities by providing nonprofit affordable housing and housing-related services, with eight rental housing projects currently completed and under management and eight additional projects in current development.
Lutheran Social Services of North Dakota is a statewide social services agency serving thousands of North Dakotans in need with affordable housing, food, disaster recovery, counseling and therapy and other programs that strengthen individuals, families and communities without regard to clients’ race, religion, gender or economic status.
Northern Improvement Company is a family-owned highway, municipal and heavy construction business that was incorporated in 1935. Northern Improvement has operations in Dickinson, Williston, Bismarck and Fargo.
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.
