For Immediate Release
TAXPAYER SUPPORT NEEDED FOR AFFORDABLE RENTAL PROJECTS
BISMARCK–The North Dakota Housing Finance Agency (NDHFA) has conditionally committed $6.3 million for nine multi-family housing projects with a total of 254 units in seven cities if sufficient taxpayer support is received through the state’s Housing Incentive Fund (HIF).
“Both private and nonprofit developers are ready to build housing that is affordable for our friends and neighbors,” said Gov. Jack Dalrymple. “With contributions from North Dakotans – both individual and corporate citizens – we can get these much-needed projects off the ground.”
“Since HIF was established NDHFA has pledged $10.6 million in flexible financing for the development of 570 new rental units statewide but these projects can only go forward if sufficient support is received from taxpayers,” said Attorney General Wayne Stenehjem. “Contributions made to HIF will provide affordable housing choices for all our residents.”
“HIF is capitalized by state income and financial institution taxpayers,” said Agriculture Commissioner Doug Goehring. “Contributors receive a dollar-for-dollar state tax credit that may be fully claimed in the year the contribution is made. So far, the fund has received $6.5 million in contributions ranging from $100 to $2.5 million.”
“By contributing to HIF, taxpayers have a say in how some of their state tax dollars are spent,” said Mike Anderson, NDHFA executive director. “North Dakotans can create affordable rental housing where it’s most needed and can target their contributions to specific projects or communities.”
The latest conditional commitments include:
Any entity with a state income or financial institutions tax liability can contribute to HIF. Taxpayers making quarterly estimated tax payments may use a contribution to offset their estimated payments. NDHFA can issue tax credits to contributors on a first-come, first-served basis until a $15 million maximum threshold is reached.
More information on the incentive fund is available at www.ndhousingincentivefund.org or by contacting Jolene Kline or Bill Hourigan at email@example.com, (701) 328-8080, (800) 292-8621, or (800) 366-6888 (TTY).
The Industrial Commission of North Dakota, consisting of Gov. Jack Dalrymple, as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the NDHFA.
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North Dakota Housing Finance Agency
2624 Vermont Avenue, PO Box 1535, Bismarck, ND 58502-1535
Bismarck Main Office -- (701) 328-8080 | Nation Wide Toll Free (800) 292-8621 | Fax (701) 328-8090 | TTY (800) 366-6888
Fargo Field Office -- (701) 239-7255 | ND Toll Free (877) 239-3200 | Fax (701) 239-7257 | TTY(800) 366-6888
Equal Housing Opportunity