|North Dakota affordable housing fund ends at year's end
Housing Incentive Fund
The Associated Press - December 29, 2016
BISMARCK, N.D. - A program that helped subsidize affordable housing in western North Dakota's oil patch will expire at the end of the year.
Lawmakers and Gov. Doug Burgum are signaling that they have no appetite to renew it amid a lackluster state economy.
The North Dakota Housing Finance Agency has issued $65 million in tax credits since it began in 2011.
The program gives individual and business donors a dollar-for-dollar tax credit to subsidize construction of affordable dwellings. Officials say it has helped build more than 2,300 rental units.
North Dakota Petroleum Council President Ron Ness says the housing program has been "extremely valuable," but now has likely has outlived its usefulness.
Ness says the housing market in western North Dakota's oil patch "has adjusted," with additional units and lower rents.