North Dakota HFA Statement On US Bank Contribution to Housing Fund

 

U.S. Bank announced today it will contribute $1.2 million to jumpstart the newly-created North Dakota Housing Incentive Fund, which was formed to support affordable housing in the state.

 

With the flood damage around the state and the oil boom in Western North Dakota, the state’s affordable housing needs have reached a critical stage, prompting the legislature to create the Housing Incentive Fund. U.S. Bank is one of the first companies to make a contribution to the new fund.

 

"U.S. Bank’s contribution to the Housing Incentive Fund is a great jump start for the program and is very much appreciated,” said Terry Hanson, executive director of the Grand Forks Housing Authority and current president of the North Dakota Chapter of the National Association of Housing and Redevelopment Officials. “I hope U.S. Bank’s contribution to this program will set an example for other citizenry, corporate and individual, to follow to have this program fully funded by year’s end.”

 

U.S. Bank, which operates 23 branches in North Dakota, has asked that $500,000 of its contribution go toward Valley Memorial Homes' low income senior living project in Grand Forks. The remaining funds will support affordable housing projects in Western North Dakota.

 

“We know first hand the affordable housing needs of our communities,” said John Snustad, Northeast North Dakota region president. “We pledge our support to those private and public developers that are working to build housing that is affordable to our neighbors and friends.”

U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,089 banking offices in 25 states and 5,092 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.