By: Nick Smith
State leaders recognized an energy company Wednesday for its $1 million contribution to the Housing Incentive Fund which fills out the portion of the fund to be capitalized through tax credits.
Members of the North Dakota Industrial Commission recognized Denver-based QEP Resources for its contribution.
Earlier this week it was announced that the $20 million in state tax credits authorized by the Legislature through taxpayer contributions had been reached. These HIF dollars are in addition to a $15.4 million direct appropriation made to the fund for this biennium.
Gov. Jack Dalrympe said the $1 million from QEP Resources put the fund over the threshold.
“We have maximized the potential to provide … affordable housing,” Dalrymple said.
The fund is for developers who pledge to build affordable and low-income housing, and taxpayers who contribute are eligible for dollar-for-dollar state tax credits.
Four banks and QEP Resources contributed $1 million or more.
A total of 448 contributions were made to the HIF. Of these, 378 came from individuals totaling approximately $5.1 million.
A total of 28 banks contributed more than $11.3 million while businesses had the smallest overall contributions at $3.6 million between 42 contributions.
Matt Thompson, northern region vice president for QEP Resources, said the company hopes its contribution helps with the region’s housing crunch as it continues its operations in the state.
“We believe this program will make a real and lasting impact,” Thompson said.
The HIF fund was capitalized about a year ahead of its deadline. This is a sharp contrast from last biennium when it was only capitalized at $15 million but lagged in contributions for a time.
“This year it seems like people were eager (to contribute),” Dalrymple said.
Dalrymple said the fund is becoming more familiar to taxpayers and businesses interested in contributing to the program.
Altogether, $36.9 million from the HIF has been applied to 34 projects throughout the state to provide 934 affordable housing units. The extra $1.5 million beyond the 2013-15 appropriation comes from a project in Mandan that wasn’t moving forward as expected and the funds were returned.
Reach Nick Smith at 250-8255 or 223-8482 or at firstname.lastname@example.org.