Affordable Housing Development Assistance Available
BISMARCK, ND — North Dakota Housing Finance Agency (NDHFA) is accepting applications for affordable housing development assistance available through the federal Low Income Housing Tax Credit (LIHTC) and National Housing Trust Fund (HTF) programs.
“North Dakota Housing Finance Agency administers development programs that help our communities provide for the housing needs of their most vulnerable populations,” said Dave Flohr, NDHFA executive director.
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 $3.2 million in credit authority will be available in 2020, pending congressional approval, which would generate more than $28 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. 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.
Applications for the assistance are due by 5 p.m., CT, on Sept. 30, 2020. Funding awards are accepted to be announced in November.
More information on the development support and the other financial and technical assistance provided by NDHFA is available at www.ndhfa.org or by contacting the agency’s planning and housing development division at (800) 292-8621 or email@example.com.
North Dakota Housing Finance Agency 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.