“The affordable housing development programs overseen by North Dakota Housing Finance Agency help communities address the housing needs of their most vulnerable populations,” said Dave Flohr, NDHFA executive director. The programs support the construction or renovation of housing for low-wage workers, and elderly and disabled households.
LIHTC encourages private sector investment in affordable housing through tax incentives. Property owners receive the housing credits for up to 10 years based on capital investment and level of commitment to low-income tenancy. NDHFA anticipates $3 million in credit authority will be available, pending congressional approval, which would generate more than $27 million in project equity.
The HTF’s purpose is to increase and preserve the supply of housing for extremely low-income households, including homeless individuals and families. Through the program, $3 million is available.
The application process for the programs is competitive with the top-scoring projects receiving conditional commitments from NDHFA. The applicants must provide evidence that there is a need for the type of housing proposed, that the community supports the development and that the construction costs are reasonable.
More information on these programs and other financial and technical assistance provided by NDHFA is available online at http://www.ndhfa.org or by contacting the agency’s planning and housing development division at (800) 292-8621 or hfainfo@nd.gov.
NDHFA is a self-supporting state agency dedicated to making housing affordable for all North Dakotans. The Industrial Commission of North Dakota, consisting of Gov. Doug Burgum, as the chairman, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, oversees the agency.