More than 600 private investors have successfully capitalized the $15 million state Housing Incentive Fund (HIF), reports the Industrial Commission of North Dakota. The funds were used to subsidize construction of $104 million in low-income housing.
Created in 2011, the HIF is used to develop affordable multifamily housing. Funds are gained by contributors receiving a dollar-for-dollar state income tax credit in which contributed dollars can be given to a specific project or community.
The Industrial Commission reports that 90 percent of contributions were made by individuals, averaging $10,021. The largest corporate supporter was Marathon Oil Co. with $3 million contributed, followed by Gate City Bank’s $1.25 million, the most by a financial institution.
Looking ahead to the next biennium, Gov. Jack Dalrymple is proposing an increase to the HIF funding that would transfer $30 million from the state general fund to the HIF in 2013-2015. Additionally, $20 million in tax credits would bring the fund’s total value to $50 million.