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 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.