Housing Fund Lags In N.D. Oil Country

A fund aimed at building affordable housing in North Dakota's booming oil patch is coming up short and hundreds of proposed units might not be built.

 

 

 

 

BISMARCK, N.D. (AP) - A fund aimed at building affordable housing in North Dakota's booming oil patch is coming up short and hundreds of proposed units might not be built.

Records obtained by The Associated Press show that only a handful of the hundreds of businesses benefiting from the oil bonanza have contributed to the housing incentive fund that provides tax credits to develop low-income housing.

Ninety-two percent of the fund's contributors have been individuals. The Legislature last year increased the amount of money to finance the credits from $4 million to $15 million. The North Dakota Housing Finance Agency program gives individuals and businesses a dollar-for-dollar tax credit.

The agency says contributions are lagging and more than $8.3 million is needed by the end-of-year deadline to finance the credits.

 

AP

   

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