Marathon Oil Corp. made its third major contribution to North Dakota’s Housing Incentive Fund (HIF), committing $500,000.
Capitalized by contributions from state taxpayers, HIF provides developers of affordable housing with low-cost financing to create rental units for essential service workers and low- to moderate-income households.
“Marathon Oil’s continued support of HIF is commendable,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) acting director in a statement.“The company’s ongoing commitment greatly advances the state’s effort to provide affordable housing for all North Dakotans.”
The state legislature reauthorized HIF this spring, giving NDHFA a $15.4 million general fund appropriation to support the program. The agency was authorized to further capitalize the program by issuing $20 million in state tax credits for contributions to the fund.
“The need for affordable housing is one of North Dakota’s greatest challenges,” said Kline. “By contributing to HIF, businesses and individuals help address this need and have a say in how their tax dollars are spent.”
Contributors may express a preference for their contribution to benefit a specific eligible housing project, community or area. Marathon Oil’s most recent contribution was targeted to development in Dickinson, Killdeer or New Town. The company contributed $500,000 to HIF in 2012 and $2.5 million in 2011.
Read more about North Dakota’s housing boom in Affordable Housing Finance.