HB 1029 Summary

• Housing finance agency may enter public-private partnerships to finance construction or rehabilitation of multifamily housing in developing communities, with private entities able to reserve proportionate units for their workforce based on financial participation.

• Housing incentive fund distributed with at least 25 percent to communities with populations under 10,000 and at least 50 percent to households earning no more than 50 percent of area median income, with first priority given to essential service workers.

• Housing finance agency must maintain a register tracking housing units owned, master leased, or subsidized by employers of essential service workers and report quarterly to the legislative budget section on progress reducing these numbers.

• Tax credit allowed against state income tax equal to contributions to the housing incentive fund, limited to $20 million per biennium, with excess credits carried forward up to 10 years, effective for first two taxable years beginning after December 31, 2012.

• Sections 1-3 declared emergency measures; funding is a continuing appropriation from the Bank of North Dakota special revolving fund.