Associated Press, Published November 08 2013
Low-income housing fund in ND out of money
BISMARCK — A $35 million fund approved by North Dakota lawmakers for low-income housing developments has run out of money in only four months because of strong demand.
North Dakota Housing Finance Agency Executive Director Jolene Kline says there is a housing crisis statewide — not just in the western oil patch. She says demand has drained the Housing Incentive Fund.
The Bismarck Tribune reports that the fund is for developers who pledge to build affordable and low-income housing. Taxpayers who contribute are eligible for dollar-for-dollar state tax credits.
During the previous two-year budget cycle the program was capped at $15 million and consisted entirely of tax credits. The Legislature expanded the program this year to include $20 million in tax credits and $15.4 million from the state general fund.