BISMARCK, N.D. (AP) – Officials say contributions have exceeded a $20 million state income tax credit cap to subsidize construction of low-income dwellings in North Dakota, 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.
Agency Director Jolene Kline says several million dollars in contributions came in during the last two weeks of the year and about $400,000 in tax credits had to be turned away.
During the previous two-year budget cycle, the program was capped at $15 million and consisted entirely of tax credits. The Legislature last year expanded the program to include $20 million in tax credits and $15.4 million from the state general fund, which is supported by taxpayers.
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