American Bank Center supports 9 affordable housing projects
American Bank Center has contributed $220,000 to the North Dakota Housing Incentive Fund, dividing the dollars between nine affordable projects that will provide housing for elderly and disabled individuals and families, and will create workforce housing, according to a press release.
The Housing Incentive Fund provides developers of affordable rental housing with low-cost financing if units are set aside for essential-service workers and low- to moderate-income households. The fund is capitalized by contributions from state taxpayers.
This is American Bank Center's fourth and largest contribution to fund.
The bank has contributed $420,000 to it altogether.
American Bank Center's most recent contribution was directed to projects in Dickinson, Bismarck, Burlington, Devils Lake, Mandan and Minot.
The North Dakota Industrial Commission recommended that the Legislature re-authorize the Housing Incentive Fund during the 2013 session. The North Dakota Housing Finance Agency, which administers the fund, received a $15.4 million general fund appropriation and was authorized to further capitalize the program by issuing $20 million in state tax credits.
In early November, the Housing Finance Agency announced it has committed all of its authorized Housing Incentive Fund money to a total of 34 projects, leveraging $150 million in construction financing. The agency is now focused on fully capitalizing the fund so the units created are affordable.
Housing Incentive Fund contributions can be targeted to a specific project or designated for general use in a community or region.
Individuals and businesses contributing to the fund receive a dollar-for-dollar state tax credit.
The Housing Finance Agency has until Dec. 31, 2014, to fully capitalize the fund.