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Tesoro contributes $5.3 million to housing development program

BISMARCK -- Texas-based petroleum company Tesoro Corp. announced a contribution of $5.3 million to the North Dakota Housing Incentive Fund on Friday at the state Capitol.

BISMARCK -- Texas-based petroleum company Tesoro Corp. announced a contribution of $5.3 million to the North Dakota Housing Incentive Fund on Friday at the state Capitol.

A release from the North Dakota Industrial Commission, which oversees the housing finance program, stated the Tesoro contribution pushed the HIF to more than 70 percent of its capitalization goal of $30 million to fund housing projects in Dickinson, Watford City, Bismarck and Mandan.

Sarah Mudder, communications coordinator for the North Dakota Housing Finance Agency, said Lincoln Townhomes III in Dickinson is one of the developments that needs up to $1.8 million in taxpayer support.

The program has until the end of 2016 to reach its $30 million goal, according to the release, but seeks to meet its capitalization as soon as possible to begin development.

Gov. Jack Dalrymple, the chairman of the Industrial Commission, stated that the HIF is used to ensure “affordable housing for essential service workers and those on fixed incomes.”

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Keith Casey, Tesoro executive vice president of operations, said his organization was “proud” to give its support.

“We believe this initiative will make North Dakota communities stronger and will help spur continued economic growth in the state,” Casey said.

 

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