December 23, 2011
North Dakota Housing Finance Agency
MBI Energy Services has contributed $225,000 to the North Dakota Housing Incentive Fund (HIF), a recently launched state program that provides flexible funding to developers that create affordable rental units for families, seniors and the workforce.
"There is a critical need for rental housing in North Dakota's energy- and disaster-impacted communities. I applaud Jim Arthaud and his management team for their decision to support much-needed development in their community," said Mike Anderson, North Dakota Housing Finance Agency's (NDHFA) executive director.
The dollars contributed by MBI Energy Services were targeted to a Lutheran Social Services Housing project that will create 12 new rental units in Belfield, ND, the headquarters of the family-owned business. Contributions to HIF can be targeted to a specific project or designated for general use in a community or region.
"Contributing to the fund was an easy decision. We've been a part of the Belfield community for more than 30 years, and we want to see this city continue to grow and prosper," said Jim Arthaud, MBI Energy Services CEO. "I encourage others to support the fund."
Any individual, business or financial institution with a state income tax liability can contribute to HIF. In exchange, the contributors receive a dollar-for-dollar credit against their state income tax liability that may be fully claimed in the year their contribution is made.
"Contributions made before Dec. 31 can be taken on 2011 returns, and those dollars will support construction next year," said Jolene Kline, NDHFA planning and housing development division director. "If a taxpayer can't use their entire credit the first year, it may be carried forward for up to ten tax years."
As the fund administrator, NDHFA is authorized to accept contributions to the fund up to $15 million. The fund is to be capitalized solely by state income and financial institution taxpayers.
"Without support like MBI Energy Services provided through HIF, we would not be able to keep our project's rents at affordable levels," said Jessica Thomasson, Lutheran Social Services Housing director. "It takes the cooperative effort of many partners to make affordable housing development possible."
Established in 1979, MBI Energy Services is the largest private employer in Stark County. The company transports oil, sand, water and other oilfield products throughout western North Dakota.
The Industrial Commission of North Dakota, consisting of Governor Jack Dalrymple, as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the NDHFA.