U.S. Bank Donates to Housing Incentive Fund - KMOT.COM - Minot, ND - News, Weather, Sports

U.S. Bank Donates to Housing Incentive Fund

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The housing crunch in oil country may not be as bad as it once was but builders still have a long way to go to catch up.

The state is particularly interested in construction of what's considered affordable housing, especially for those who don't make oil field wages, and a big donation today from U-S Bank will help provide some new homes and apartments.      

It's the biggest donation ever made to the North Dakota Housing Incentive Fund, and the state won't waste any time putting it to use.

 "This kind of an investment is going to make a big difference. It means that two or three housing projects can go forward that otherwise would have to wait, says Governor Jack Dalrymple.

That big difference came on a big check -- a three million dollar check, to be exact.

U.S. Bank Regional President Tim Hennessy says, "There is a lot of catching up to do. There are still significant housing issues in the western part of the state, and we need to address that."

The donation will be used for the Housing Finance Agency's selected projects across the state. These are geared towards building affordable housing for essential service workers, like teachers and city employees.

"We are trying to hit all the people who are in need there, who were there before the boom and are going to be there after the boom, says Jolene Kline of the North Dakota Housing Finance Agency.

Now U.S. Bank will get to decide what projects the money goes to, but even though they haven't announced it yet, they still have an idea of where they want to spend that money.

"We'll provide equity for projects in all areas of the state, primarily for affordable housing in those areas that are in need of housing in all different forms," says Hennessy.

And while U.S. Bank's donation is a great help, the Housing Finance Agency still needs more than 15 million dollars by December 2014 to complete its projects.

     This isn't the first time U.S. Bank has made a big contribution to the Fund. In 2011, it donated one-point-two million dollars.

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