Assistance Available for Development of Affordable Housing
BISMARCK, ND — North Dakota Housing Finance Agency (NDHFA) is currently accepting applications for affordable housing development assistance through the federal Low Income Housing Tax Credit (LIHTC) and National Housing Trust Fund (HTF) programs, and the state’s Housing Incentive Fund (HIF).
“The development support North Dakota Housing Finance Agency administers aids communities in addressing the housing needs of their most vulnerable populations,” said Dave Flohr, NDHFA interim 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.
HIF supports the development of housing for low- to moderate-wage workers, the state’s aging population, individuals with disabilities and persons at-risk of homelessness. During the most recent legislative session, NDHFA received a $7.5 million appropriation from the general fund for the program.
The application process for each of NDHFA’s program is competitive with the top-scoring projects receiving conditional commitments from the agency. The 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, 2019. Funding awards are accepted to be announced in early November.
More information on the programs and other financial and technical assistance provided by NDHFA is available online at www.ndhfa.org or by contacting the agency’s planning and housing development division at (800) 292-8621 or email@example.com.
NDHFA 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.