Developer Demand for Tax Credits Is High

Developer Demand for Tax Credits Is High

The North Dakota Housing Finance Agency (NDHFA) has granted conditional commitments for $2.4 million in low-income housing tax credits (LIHTC) to support the construction or rehabilitation of 177 housing units. The agency received 14 applications for the credits requesting more than three times the amount available to support affordable housing development in the state this year.

“A lack of affordable housing makes it difficult to attract and retain employees,” said Agriculture Commissioner Doug Goehring. “A new set-aside in this year’s allocation plan includes funding geared toward areas impacted by energy-related exploration and extraction.”

The NDHFA 2010 LIHTC program awards include: $516,598 to Turtle Mountain Housing Authority to construct 28 units; $553,805 to GLS Development LLC to construct 44 units; $607,692 to Beyond Shelter, Inc. to add 39 units to the Crossroads Senior Living Community; $292,974 to Civic Auditorium LP to construct 40 units; and $496,091 to Lutheran Social Service Housing, Inc. to construct 26 units. The property owners will receive 10-year tax credits.

Since the LIHTC program was created, the NDHFA has been able to produce more than 5,000 units dedicated to lower-income households. The result is more than $360 million in capital investment in North Dakota properties.