Plan ready for allocating ND housing credits

AP News
Posted: Dec 31, 2009 11:23 AM

North Dakota's Industrial Commission has approved a plan for allocating $2.43 million worth of housing tax credits next year.

The credits are sold to investors and used to help finance construction of low-income housing.

Some credits are reserved for North Dakota's American Indian reservations and to subsidize housing in western North Dakota's oil patch, where housing is often in short supply.

Developers have until Feb. 26 to apply for the first round of housing credits.

Gov. John Hoeven, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring make up the Industrial Commission. They oversee the North Dakota Housing Finance Agency, which runs the tax credit program.