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Development Support Available For Low Income Housing Projects

 


North Dakota Housing Finance Agency is currently accepting applications for affordable housing development support in the form of federal tax credits.

“The Low Income Housing Tax Credit program ensures that individuals, regardless of their income, can find safe and affordable housing,” said Jolene Kline, NDHFA executive director. “This is important not only for their personal success but for the success of our North Dakota communities.

Property owners that develop housing through the LIHTC program receive an annual federal tax credit for 10 years. In return, the projects must be affordable for households at or below 60% of area median income for at least 15 years.

“The 2016 application deadline has been moved up to early fall which will allow NDHFA to make forward commitments of the credits and, in turn, allow our developers to get projects into the ground next spring,” said Kline.

Since 1986, NDHFA has allocated more than $41 million in federal tax credits to support the development of 195 projects in 43 North Dakota communities, creating more than 6,000 units statewide.

The LIHTC program allocation plan and application are available online at http://www.ndhfa.org or by contacting NDHFA at 800-292-8621 or hfainfo@nd.gov.

The deadline for submission is Sept. 30, 2015.

NDHFA is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota. The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the agency.

 

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