A Watford City development will benefit from MBI Energy Services' third contribution to the Housing Incentive Fund (HIF). The energy company contributed $250,000 to Wolf Run Village, an affordable housing project for essential service workers including teachers, law enforcement and medical personnel.
"MBI strongly believes in supporting the people and the communities in which we operate," said Jim Arthaud, the energy company's CEO. "Our roots are in Western North Dakota, and we want to see this area continue to grow and prosper."
Capitalized by contributions from state taxpayers, HIF provides developers of affordable housing with low-cost financing to create rental units for essential service workers and low- to moderate-income households.
"Providing adequate affordable housing for our workforce and households of modest means is one of North Dakota's greatest challenges," said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) acting executive director. "The state is pleased to have MBI's ongoing support as we work to advance our housing development efforts."
The state legislature reauthorized HIF this spring, giving NDHFA a $15.4 million general fund appropriation to support the program. The agency was authorized to further capitalize the program by issuing $20 million in state tax credits for contributions to the fund.
"By contributing to HIF, businesses and individuals are addressing the state's need for adequate housing and having a say in how their tax dollars are spent," said Kline. MBI contributed $1,000,000 to HIF in 2012 and $225,000 in 2011.
HIF contributors may target their contribution to a specific eligible housing project, community or area of the state.
For more information on the Housing Incentive Fund, contact NDHFA at (701) 328-8080, (800) 292-8621 or www.ndhousingincentivefund.org.