Bank donates $1.25M to North Dakota housing fundBISMARCK, N.D. (AP) — A North Dakota fund that helps finance housing projects now has more than $11 million.
BISMARCK, N.D. (AP) — A North Dakota fund that helps finance housing projects now has more than $11 million.
The incentive fund offers state tax breaks to contributors. For every dollar they put in, they owe a dollar less in state income tax.
This month, Gate City Bank put $1.25 million into the fund. The bank wants most of the money used for housing projects in Williston, Devils Lake and Bowman.
The Minot Daily News reports the biggest contributors to the fund have been energy companies and banks.
More than 300 individuals have also put money into the fund. It provides cheap financing for developers of multi-family housing projects.
The Legislature created the fund as a way to help alleviate a housing shortage in western North Dakota's oil-producing region.