ND Housing Incentive Fund capitalization process kicks off; Wells Fargo gives $1 million

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BISMARCK, North Dakota — Officials from Wells Fargo Bank have given $1 million to the state to help kick off North Dakota's Housing Incentive Fund.

The fund is to help developers who pledge to build affordable and low-income housing. Those who contribute are eligible for dollar-for-dollar state tax credits. The North Dakota Industrial Commission, the North Dakota Housing Finance Agency and Wells Fargo held a ceremony Thursday afternoon in Bismarck.

Officials announced that 24 developments have been awarded assistance from the fund for the new biennium and that the funding will help create 985 housing units.

The housing finance agency began accepting contributions into the fund on July 1. To honor its financial commitments, the agency must raise $30 million by Dec. 31, 2016.

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