XTO Energy Makes $5 Million Contribution to Housing Incentive Fund
Williston, N.D. – XTO Energy Inc., a subsidiary of ExxonMobil, today presented Gov. Jack Dalrymple with a check for $5 million as a contribution to North Dakota’s Housing Incentive Fund (HIF). The check represents the single-largest contribution to the fund since its inception. The energy company’s $5 million contribution will support affordable housing projects in western North Dakota.
“Thank you to XTO Energy for this generous contribution to the state’s Housing Incentive Fund and for their support of affordable housing development in western North Dakota,” said Dalrymple on behalf of the Industrial Commission. “Helping growing communities address the demand for affordable housing for our workforce is one of the Commission’s top priorities and XTO Energy’s partnership in those efforts will help ensure that affordable housing is available for all North Dakotans, especially those providing essential services.”
The Industrial Commission, consisting of Dalrymple as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees North Dakota Housing Finance Agency (NDHFA), the fund administrator.
“North Dakotans have welcomed the energy industry to their state, and helping to preserve and enhance the communities where we operate is an essential element of our business,” said Tim McIlwain, senior vice president, XTO Energy. “We support North Dakota’s efforts to provide affordable housing.”
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.
Four projects – Killdeer Employee Housing, Wolf Run Village II in Watford City, Watford City Apartments and Williston Station – will split XTO Energy’s contribution. More than half of the 287 units in the developments selected are for essential service workers – individuals employed by city and county departments, medical facilities, school districts and law enforcement agencies.
“We continue to hear about the need for housing for the workforce that provides essential community services, as well as for low- and moderate-income households,” said Jolene Kline, NDHFA executive director. “By contributing to the Housing Incentive Fund, businesses and individuals are helping to address our state’s housing needs.”
In early July, NDHFA announced HIF commitments to 24 projects. The agency is focused on fully capitalizing the fund so that these projects can move forward. To do so, NDHFA must raise $30 million by Dec. 31, 2016. Individuals and businesses that contribute to HIF receive a dollar-for-dollar state tax credit.