legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

# North Dakota Industrial Commission allocates funds to affordable housing projects

## The Impact of NDHFA Funding

BISMARCK ÔÇö The North Dakota Industrial Commission recently announced the allocation of funds to affordable housing projects by the North Dakota Housing Finance Agency (NDHFA). This move is set to have a significant impact on the state’s housing landscape, particularly for vulnerable households. Among the projects awarded funding is The Gardenette in Jamestown.

In a joint statement, the Industrial Commission members emphasized the importance of the funding commitments made by NDHFA. They highlighted how these commitments will support the development of projects in communities of all sizes, providing safe and affordable housing for the stateÔÇÖs most vulnerable households. The commission, chaired by Gov. Doug Burgum, with Agriculture Commissioner Doug Goehring and Attorney General Drew H. Wrigley, oversees the agency.

## The Gardenette in Jamestown Rehabilitation Project

The Gardenette in Jamestown is a multiphase rehabilitation project led by Stride Development PBC. This $48 million project consists of three phases, with the aim of acquiring and rehabilitating a 168-single-bedroom unit development into 150 units that will offer one-, two- and three-bedroom options.

The first phase of the project secured $1.1 million of 9% Low Income Housing Tax Credits, the second phase received $1.08 million of 9% Low Income Housing Tax Credits, and the third phase was awarded $1.03 million of 4% Low Income Housing Tax Credits along with $3 million in state Housing Incentive Fund dollars.

## NDHFA’s Vital Role

NDHFA administers various federal and state programs, including the federal Low Income Housing Tax Credit, HOME Investment Partnerships, National Housing Trust Fund programs, and the state Housing Incentive Fund. These programs play a crucial role in the development and preservation of affordable housing across North Dakota.

## Impact Across the State

In addition to The Gardenette in Jamestown, other projects in Mandan, Fargo, Cavalier, Rolla, and Bismarck have also been awarded funding. The funds will support the development or preservation of 279 housing units statewide, showcasing the far-reaching impact of the NDHFA’s efforts.

How AI legalese decoder Can Help

The AI legalese decoder could aid in simplifying the complex legal language surrounding housing finance and tax credit programs. By accurately decoding and translating the intricacies of these programs, it can help stakeholders, developers, and community members better understand the opportunities available to them. This can lead to increased awareness and participation in affordable housing initiatives, ultimately contributing to the state’s efforts to address housing accessibility and affordability.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link