North Dakota lawmakers are exploring expanding a fund aimed at building affordable housing, primarily in the state's booming oil patch.
BISMARCK, N.D. (AP) - North Dakota lawmakers are exploring expanding a fund aimed at building affordable housing, primarily in the state's booming oil patch.
The North Dakota Housing Finance Agency's low-income housing development program gives individual and business donors a dollar-for-dollar tax credit, and they can designate their contributions for specific projects.
The Legislature in 2011 approved $15 million in income tax credits to subsidize construction of nearly $105 million in low-income dwellings.
The House Finance and Taxation Committee heard much testimony on Monday in favor of expanding the tax credits to $20 million, with another $30 million coming from the state's general fund.
Housing Finance Agency director Mike Anderson says the increased funding would be enough to build about 2,500 new housing units over the next two years.
(Photo Credit: KFGO File Photo)