North Dakota's Housing Incentive Fund has received its largest single gift.
Gov. Jack Dalrymple says Tesoro Petroleum is giving $5.3 million to the fund. That fund is used to create affordable housing for the elderly – as well as “essential” workers, those that can’t afford going rents.
The $5.3 million buys Tesoro tax credits – and in return, developers can use that money to start working on affordable housing.
Tesoro Executive Vice-President for Operations Keith Casey says this will fund 8 projects – in Bismarck, Mandan, Dickinson and Watford City.