The North Dakota Housing Finance Agency (NDHFA) announced that it has pledged $4.25 million to six new Housing Incentive Fund (HIF) projects.
“We are committed to facilitating greater development of affordable housing in our growing communities,” Gov. Jack Dalrymple said in a statement. “The Housing Incentive Fund is one of several tools we will continue using to help meet our housing needs in oil-producing counties and other areas of the state.”
The project applications most recently approved include:
- Belfield: $96,000 to the Belfield Housing Authority to construct Belfield Law Enforcement Housing, four units. Total development cost is $744,484.
- Crosby: $1 million to the St. Luke’s Community Foundation to construct the Crosby Hospital and Foundation 24-plex, 24 units. Total development cost is $3.6 million.
- Devils Lake: $1 million to Agassiz Properties, LLP, for Agassiz Circle Phase II, 30 units. Total construction cost is $3.6 million.
- Killdeer: $1 million to Prairie Gold Real Estate, LLC, to construct KMM Affordable Housing, 24 units. Total development cost is $3.3 million.
- Minot: $155,600 to the Minot Housing Authority to rehab Oakwood Court, seven units. Total redevelopment cost is $389,000.
- Williston: $1 million to Dakota Commercial for Williston Heights, 65 units. Total construction cost is $10.5 million.
Since the fund was established last fall, $14 million has been pledged to 23 projects that will create 630 new rental units.
Any individual or business with a state tax liability can contribute to the HIF. In return for the contribution, taxpayers receive a dollar-for-dollar state tax credit. The contributions can be directed to a specific project or community. NDHFA is authorized to issue tax credit certificates on a first-come, first-served basis until a $15 million maximum threshold is reached.
“North Dakotans, with their contribution, can help create affordable housing where it’s needed most,” said Mike Anderson, NDHFA executive director. “So far, NDHFA has raised almost $7.3 million to support affordable housing development.”
Applications for what is anticipated to be the NDHFA’s final funding round this year are due by Aug. 31. Approximately $750,000 is available.
HIF contribution and development information is available at www.ndhousingincentivefund.org.