August 31, 2015 - Bremer Bank has contributed $750,000 to the North Dakota Housing Incentive Fund (HIF) to support affordable housing developments across the state. The developments will provide housing for essential community employees, such as teachers and nurses, as well as to lower-wage workers and disabled and elderly individuals with fixed incomes.
Eight projects will benefit from Bremer Bank’s contribution this year:
• Prairie Woods Apartments – Dickinson
• Jeremiah Program Apartments – Fargo
• Prairie Pointe – Gwinner
• Harvey Apartments – Harvey
• Trail West Townhomes – Mandan
• Sunset Ridge I and II – Minot
• Meadowlark Homes – New Rockford
“Finding affordable housing in North Dakota is more challenging than ever,” said Russ Erickson, Bremer Bank Fargo Region CEO. “By contributing to the Housing Incentive Fund, Bremer Bank is ensuring that reasonably priced housing will continue to be developed in communities throughout the state.”
Bremer Bank has contributed a total of $1.5 million to the biennial program since 2013.
“We are thankful for Bremer Bank’s continued commitment to the HIF,” said Jolene Kline, North Dakota Housing Finance Agency (NDHFA) executive director. “Through their contribution, Bremer advances the state’s efforts to provide housing for all North Dakotans. I encourage more businesses and individuals to make a contribution this year, so we can move all of our HIF projects forward.”
HIF relies on taxpayer support to provide low-cost financing to developers of affordable multifamily housing. Contributions can be targeted to a specific project or community.
NDHFA, which administers HIF, is a self-supporting state agency that finances the creation and rehabilitation of affordable housing across North Dakota.
Bremer Financial Corporation is a privately held, $10 billion regional financial services company jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, wealth management, investment, trust and insurance products and services throughout Minnesota, North Dakota and Wisconsin. Clients include individuals and families, mid-sized corporations, small businesses, agribusinesses, nonprofits, and public and government entities.