$5.1M grant awarded for North Dakota housing

(Photo illustration by Getty Images)

The North Dakota Housing Finance Agency was awarded a $5.1 million grant for housing programs, the North Dakota Industrial Commission announced Tuesday.

The grant, administered by the Federal Home Loan Bank of Des Moines, will go toward housing for low- and middle-income workers, seniors, people with disabilities and people at risk of homelessness, according to the announcement.

“Affordable housing is a key component of economic development,” Industrial Commission members said in a joint statement. “It plays a critical role in attracting workforce talent and is one of the highest priorities of people moving to our state.”

The grant multiplied a donation to the North Dakota Housing Finance Agency by the Bank of North Dakota. The Bank of North Dakota provided about $1.28 million, and the Federal Home Loan Bank of Des Moines provided roughly $3.8 million.

The Federal Home Loan Banks were created by Congress during the New Deal era. Their main goal is to lend money to financial institutions to promote affordable housing and other community projects. The member-owned system is regulated by the Federal Housing Finance Agency, but receives no taxpayer money.

The three-member Industrial Commission comprises Gov. Doug Burgum, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring. The commission oversees the North Dakota Housing Finance Agency and the Bank of North Dakota.

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