Affordable Housing Development Assistance Available To Rural Communities
BISMARCK, ND – North Dakota Housing Finance Agency is currently accepting applications for development assistance in rural communities through the state’s Housing Incentive Fund. “Development in rural communities poses some unique challenges,” said Jolene Kline, NDHFA executive director. “Having an adequate supply of affordable housing strengthens a community and by limiting a funding round to our state’s smaller communities, we are ensuring that rural communities have access to this very valuable state resource.”
During the 2015 Legislative Session, NDHFA was given the authority to issue $30 million in state tax credits to capitalize the program and was provided with $5 million from profits earned by Bank of North Dakota. An additional $5 million was provided when 2015 bank profits reached $130 million. The new money is set aside for communities with populations less than 12,500.
HIF program information is available online at http://www.ndhousingincentivefund.org. To be considered for funding, applications for assistance must be submitted by 5 p.m. (CST) on March 31. For more information, contact NDHFA at (800) 292-8621 or [email protected].
Community populations will be determined using 2010 U.S. Census data. The program’s other allocation criteria will be unchanged.
Since HIF’s inception, NDHFA has allocated more than $84 million to projects, leveraging more than $424.5 million in construction financing to support the development of 2,500 new units statewide.
A self-supporting state agency, NDHFA finances the creation and rehabilitation of affordable housing in North Dakota. The North Dakota Industrial Commission, consisting of Governor Jack Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the agency.