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Sarah Mudder
GUEST WRITER
DEVILS LAKE -ND – The North Dakota Industrial Commission (Commission) announced today that six projects have received funding commitments from the North Dakota Housing Finance Agency (NDHFA) to support the construction or rehabilitation of more than 200 affordable housing units.
During its most recent funding round, NDHFA allocated $3.25 million in federal tax credit authority through the Low Income Housing Tax Credit (LIHTC) program. When syndicated, the credits will generate approximately $29 million in project equity. NDHFA also awarded $2.76 million through the National Housing Trust Fund (HTF).
“The development programs North Dakota Housing Finance Agency administers help to ensure vulnerable households have housing that is safe and affordable,” said Commission members in a joint statement. Consisting of Gov. Doug Burgum as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, the Commission oversees NDHFA.
December 20, 2020
Dear Democratic Colleague,
As we come together today, more than 315,000 Americans have tragically died from the coronavirus. Every day, the pandemic exacts a toll almost beyond human comprehension.
Late last night, Leader Schumer negotiated a solution to the Toomey provision, which was a radical, unacceptable poison pill designed to hamstring our nation’s response to the historic economic crisis of the coronavirus and any future economic crisis.
We have now reached agreement on a bill that will crush the virus and put money in the pockets of working families who are struggling. The provisions that Democrats secured in this package include:
Speaker of the House Nancy Pelosi and Senate Majority Leader Mitch McConnell (Getty; iStock)
The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program.
The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent, divorcing the program from borrowing rates set by the Treasury Department. The new floor rate would apply to projects that receive tax credits after Dec. 31.
As a result, the credits will be worth more, and potentially become more attractive to corporate investors, who receive a reduction on federal income taxes for 10 years based on the rate. Developers, who sell the tax credits to raise equity on projects have long called for changes to the program and were hopeful that Congress would adopt the floor rate.