BISMARCK, ND – North Dakota Housing Finance Agency (NDHFA) is currently accepting applications for programs that support affordable rental housing development and provide homeownership and rental assistance for low-income households.
“These programs help address the housing needs of our state’s most vulnerable populations – low-wage workers, and individuals and families who are aging, are in need of an accessible home, and/or are at risk of homelessness,” said Dave Flohr, the agency’s executive director.
There are four programs with available funding. NDHFA is the administrator of the state’s Housing Incentive Fund (HIF), and oversee three federally-funded programs – HOME Investment Partnerships (HOME), Low Income Housing Tax Credit (LIHTC) and National Housing Trust Fund (HTF).
In North Dakota, HOME supports affordable rental housing production and funds homeownership and rental assistance programs. Approximately $3 million is available.
LIHTC encourages private sector investment in affordable housing through tax incentives. Property owners receive the credits for up to 10 years based on their capital investment and a project’s level of commitment to low-income tenancy. NDHFA will have $2.875 million in credit authority available which will generate more than $25 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 this program, $3 million is available.
HIF helps to ensure project feasibility, filling gaps in financing to increase affordability and supporting the development of housing in both urban and rural communities. During the state’s most recent legislative session,
NDHFA received $9.5 million for project financing.
The application process for the programs is competitive with the top-scoring projects awarded conditional commitments from NDHFA. Applicants must provide evidence that there is a need for the proposed project or program, and that the costs are reasonable. The application deadline for all of these programs is 5 p.m., CT, on Sept. 30, 2021.