Incentive Fund for Affordable Housing | VideoJessica Roose | 6/4/2012
During the last legislative session, the North Dakota Housing Incentive Fund was created to provide affordable rental homes in areas affected by the housing crisis. It allows taxpayers to contribute to help solve the problem.
Building homes and apartments takes time. With such a severe housing crisis in parts of the state, it`s important that building gets started as soon as possible. With the Housing Incentive Fund, taxpayers can help get those projects off the ground.
"If in their community there`s a need and somebody is trying to develop a project they can earmark their contribution to a project, they can earmark it to a city or a region," said NDHFA Executive Director Mike Anderson.
Those who contribute will receive a dollar for dollar tax credit. However the credits are capped at $15 million total. Since the program started, $6.5 million has been raised.
"Our concern today is that we`ve already have project applications for just under $11 million in projects and we`ve only got about six and a half million in the funds," Anderson said.
Anderson says that some projects will have to be put on hold until more money is raised. So far, the project has funded 570 units. They expect that number could go up by about 200 units.
"These two interesting projects that are going to be located on the Williston college campus those units are all set aside for essential workers. For city employees, county employees, nursing home and hospital employees. Those employers that can`t adjust their wage scale high enough to allow those people to afford the rent in the communities," said Planning and Housing Division Director Jolene Kline.
Kline says the units that are being built will likely cost between $400 to $1,400 a month to rent.
According to the Industrial Commission, the latest conditional commitments include:
Ray - Two commitments of $350,000 each to SW Design Build, Inc. to build Ray CDC Housing 12-plex Phase I and 12-plex Phase II, targeted to families. Total development cost is $3 million.
Dickinson - $1,211,437 to Beyond Shelter, Inc. to build Patterson Heights, 24 units targeted to families. Total development cost is $3,028,594.
Dickinson - $410,852 to AK Investments, LLP for the adaptive reuse of 161 S Main, 10 units targeted to families. Total redevelopment cost is $1,369,507.
Watford City - Two commitments of $1,000,000 each to Lutheran Social Services Housing, Inc. to build Prairie Heights Phase 1 and Phase 2, 124 units targeted to families and the workforce. Total development cost is $17,156,143.
Bowman - $936,264 to Lutheran Social Services Housing, Inc. to build The Landing, 24 units for families and disabled households. Total development cost is $3,120,880.
Minot - $200,000 to MetroPlains, LLC to build Minot Townhomes, 30 units for families. Units will be senior-friendly. Total development cost is $6,525,150.
Williston - $864,000 to build Williams County Multi-Use, 18 units for families and the workforce. Total development cost is $5,147,100.
All contributions need to be received by December 31. Visit ndhfa.org to print out the form necessary to submit a donation.