North Dakota Legislature back in session, considers expanding affordable housing fund
BISMARCK, North Dakota: The North Dakota Legislative Assembly returned to session last week joined by new legislators and a number of topics to tackle in 2013. In the second week of session, the legislature is considering expanding the affordable housing fund.
The housing fund was created during the 2011 legislative session. According to reports, the fund accepts donations in exchange for state income tax credits. Funds are then provided to "companies to build affordable housing for middle-to-low income families in oil-impacted communities."
The proposed bill calls for increasing state income tax credits from $15 million to $20 million and would add $30 million from the state's general fund to give to affordable housing investors.
Mike Anderson, the executive director of the North Dakota Housing Finance Agency, said that the increase would build approximately 2,500 new low-income housing units in the next 2 years.
The complete bill can be read here - HB 1029.
The 2013 session is expected to last until May 1.
- Associated Press,"North Dakota Legislative session to get under way," January 7, 2013
- Grand Forks Herald,"ND Legislature considers bigger affordable housing fund," January 15, 2013
- Associated Press,"Lawmakers mull expansion of fund aimed at affordable housing in North Dakota oil patch," January 14, 2013