A fund to help developers build low and moderate income housing has now reached $24 million.
Starion Financial of Bismarck has donated $500,000 to the Housing Incentive Fund. Those who donate can get a dollar-for-dollar income tax reduction.
"When the Legislature re-authorized the program, they did not give us a general fund appropriation for the program," said North Dakota Housing Finance Agency director Jolene Kline. "They did that on purpose. They gave us the ability to issue income tax credits. They want that public-private partnership. They want local financial institutions, corporations, individuals in the communities to be vested in housing."
Kline says the biggest impediment in finding workers for the 15,000 open jobs in North Dakota is affordable housing.
The agency has a set goal – to raise $30 million before December 31st of 2016. But Kline says the agency wants to reach that goal as soon as possible.
"The sooner we have the full $30 million, the sooner we can put those dollars out to the projects across the state," said Kline.
The money from Starion will help fund 7 projects in three cities – Bismarck, Mandan and Fargo.
