North Dakota Housing Finance Agency accepts applications for multiple programs

August 18 – The North Dakota Housing Finance Agency is currently accepting applications for programs that support the development of affordable rental housing and provide homeownership and rental assistance for low-income households, according to a press release from the agency.

“These programs help meet the housing needs of our state’s most vulnerable populations – low-wage workers, aging individuals and families, who need accessible housing and / or are at risk of homelessness.” said Dave Flohr, executive director of the Housing Finance Agency.

There are four programs with funding available. NDHFA is the administrator of the State Housing Incentive Fund and oversees three federally funded programs: the HOME Investment Partnerships, the Low Income Housing Tax Credit, and the National Housing Fund. special allocation for housing (HTF).

In North Dakota, HOME supports the production of affordable rental housing and funds homeownership and rental assistance programs. About $ 3 million is available, Flohr said.

Housing tax credits for low-income people encourage private sector investment in affordable housing through tax incentives. Landowners receive credits for up to 10 years depending on their capital investment and a project’s level of commitment to low-income rental. The North Dakota Housing Finance Agency will have a credit authority of $ 2.9 million, which will generate more than $ 25 million in equity for the project.

The objective of the Housing Trust Fund is to increase and maintain the supply of housing for very low income households, including homeless individuals and families. Through this program, $ 3 million is available.

The North Dakota Housing Incentive Fund is helping to ensure the project’s feasibility, filling funding gaps to increase affordability and supporting housing development in urban and rural communities. During the state’s last legislative session, Housing Finance received $ 9.5 million for project funding.

The application process for the programs is competitive with the best performing projects benefiting from conditional housing finance commitments. Applicants must provide evidence that the proposed project or program is necessary and that the costs are reasonable. The application deadline for all of these programs is September 30 at 5:00 p.m. Central time.

More information on the assistance offered is available at www.ndhfa.org or by contacting the agency’s Housing Planning and Development Division at (800) 292-8621 or [email protected]


Source link

Louis R. Hancock

Leave a Reply

Your email address will not be published. Required fields are marked *