State Gives Citizens Incentives to Help Create Affordable Housing
To bolster incentives for the construction of affordable housing in western North Dakota, the North Dakota legislature is allowing citizens who anticipate having a tax liability to buy tax credits for low-income housing. Specifically, the legislature is allowing $15 million to be gathered in a fund, through the sale of tax credits, to be used for the construction of affordable housing.
Working with developers, the North Dakota Housing Finance Agency has committed $11 million to projects under the program, contingent on the state's taxpayers buying credits. That will represent 570 affordable rental units, two-thirds of which are income and rent restricted. The $11 million in state funds will result in projects worth $86 million.