BISMARCK, ND – November 9, 2015 – (RealEstateRama) — Tesoro Corporation today announced a substantial contribution to the North Dakota Housing Incentive Fund (HIF). Company representatives presented Gov. Jack Dalrymple with a check for $5.3 million, the single-largest contribution in the program’s history, to support affordable housing projects in Bismarck, Mandan, Dickinson and Watford City. Tesoro’s contribution has pushed the state program to more than 70 percent of its $30 million capitalization goal.
The HIF provides low-cost financing to developers of affordable rental housing. The Industrial Commission, consisting of Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees NDHFA, the fund administrator.
NDHFA began accepting HIF contributions in July. To date, the agency has received $21.5 million.
While NDHFA has until Dec. 31, 2016, to reach its goal, agency officials continually stress that the sooner the HIF is fully capitalized, the sooner the housing it supports can begin construction.
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