ND SB2210

Creates a housing incentive fund as a special revolving fund at the Bank of North Dakota with continuing appropriation for disbursements directed by the housing finance agency.

Requires at least 25 percent of fund distributions to assist communities with populations under 10,000 and at least 50 percent to benefit households earning at or below 50 percent of area median income.

Allows fund assistance for multifamily housing construction, rehabilitation, acquisition, gap financing, matching funds, and rental or emergency assistance to prevent homelessness.

Provides state income and financial institutions tax credits equal to contributions made to the housing incentive fund, limited to 20 percent per contribution and capped at $4 million per biennium across all contributors.

Reduces the minimum unit threshold for multifamily housing facilities from five to four residential dwelling units while maintaining the 20 percent low and moderate income occupancy requirement.

Sets expiration dates of June 30, 2013 for fund establishment provisions and the first two taxable years after December 31, 2010 for tax credit provisions.