As we say goodbye to 2024, it’s a perfect time for reflection on both the progress we’ve made and the challenges that lie ahead. As an agency, we have made great strides in supporting North Dakota’s most vulnerable residents, first-time homebuyers and renters, ensuring that affordable housing continues to be available – and accessible – to those who need it most.
2024 Year-End Program Numbers
As we look back on the year, I’d like to share some of the achievements of our programs. These are more than numbers— they are real families, individuals and seniors who have found stability through our efforts.
- NDHFA awarded funds through the Low Income Housing Tax Credit, HOME Investment Partnerships, the National Housing Trust Fund and the state’s Housing Incentive Fund. The assistance awarded will help support the development or preservation of more than 250 housing units in the communities of Belcourt, Dickinson, Minot and Rolla. This funding round we received applications for 17 projects and were oversubscribed by $36.7 million.
- The housing market and cost of construction make it challenging for first-time buyers to buy a home. NDHFA’s below-market interest rates coupled with downpayment and closing cost assistance provide a much-needed boost. The agency’s FirstHome™ program has seen an increase of over 450 loans compared to 2023, and the average funded loan is over $18,000 more than last year. In 2024, using this average loan amount, NDHFA borrowers saved $183 a month.
- While rental prices grew by 49% in the last decade, new affordable housing units came available to hopefully ease the cost burden for some renters. We joined in grand opening celebrations with our housing partners at the Milton Earl, The Plaza, Prairie Ridge in Fargo and Century View in Bismarck, just to name a few.
- Since NDHFA began administering the Emergency Solutions Grant and North Dakota Homeless Grant in July of 2023, the application rounds have been oversubscribed by more than $3 million each year.
- We also dedicated HOME-ARP funds to provide financial support to eligible non-profit organizations to reduce homelessness and increase housing stability. $2.6 million was available in this one-time funding round and NDHFA received applications requesting over $8.6 million.
It feels like the word for 2024 could be “oversubscribed.” The demand for affordable housing and homeless assistance was certainly greater than the supply.
What Comes Next?
Looking forward to 2025 and into the upcoming legislative session, our eyes are on housing! This may mean additional funding for the Housing Incentive Fund or policy changes or updates to zoning and building codes or innovative first-home financing help. Whatever it is, I look forward to the conversation and the help NDHFA can provide.