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Economic development

Hoeven Hosts HUD Secretary in North Dakota to Ensure Access to Affordable Housing

Strategic Insights

— 2 min read

Senator John Hoeven of North Dakota recently hosted U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner to review the state's affordable housing efforts and advance policies to meet the housing needs of its residents. During the visit, Hoeven outlined his efforts to leverage public-private partnerships to build affordable housing and enhance the Low-Income Housing Tax Credit (LIHTC) through the One Big Beautiful Bill Act. The senator emphasized the importance of these efforts in making affordable housing options available to North Dakotans, particularly in the Fargo region.

Key Takeaways:

  • Hoeven outlined efforts to leverage public-private partnerships to build affordable housing, highlighting projects such as Monterey and Brighton Place, an 85-unit senior housing complex in West Fargo that utilized $2.7 million in federal funding to secure $15.8 million in private investment.
  • The senator stressed the benefits of leveraging public-private partnerships, including enabling developers to secure private investment and helping taxpayer dollars go further.
  • Hoeven discussed his work as a cosponsor of the Affordable Housing Credit Improvement Act to advance affordable housing efforts in the One Big Beautiful Bill Act.
  • The proposed legislation aims to increase the LIHTC allocation to states by 12 percent, which is anticipated to support the financing of an additional 1.22 million affordable homes over the next decade nationwide.
  • Affordability programs, such as those offered by the North Dakota Housing Finance Authority (NDHFA) and the Federal Housing Authority (FHA), help reduce the cost of homeownership and enable more families to achieve greater financial security.
  • NDHFA and FHA offer programs for first-time homebuyers to help them reduce down payments and closing costs, among other benefits.
  • Hoeven has worked to ensure support for federal programs that enable developers to leverage private investment in affordable housing projects, such as the Community Development Block Grant (CDBG) and the Low-Income Housing Tax Credits (LIHTC).

Statistics:

  • 1.22 million: The number of affordable homes expected to be financed over the next decade nationwide through the proposed increase in the LIHTC allocation to states.
  • 13,500: The total number of loans currently serviced by the North Dakota Housing Finance Authority (NDHFA).
  • 6,750: The number of loans serviced by NDHFA that are guaranteed by the Federal Housing Authority (FHA), enabling borrowers to secure lower interest rates.
  • $15.8 million: The private investment secured for the Monterey and Brighton Place senior housing complex in West Fargo.
  • $2.7 million: The federal funding utilized for the Monterey and Brighton Place senior housing complex.
  • $3.46 million: The LIHTC funding allocated to North Dakota in Fiscal Year (FY) 2025.
  • $3.14 million: The Housing Trust Fund (HTF) funding allocated to North Dakota in FY24.
  • 21,000: The number of individuals in North Dakota receiving rental assistance through Section 8 Vouchers.

Sources:

  • "Hoeven Hosts HUD Secretary in North Dakota, Outlines Efforts to Ensure Access to Affordable Housing" - Senator John Hoeven, August 8.
  • Original text available at https://www.hoeven.senate.gov/news/news-releases/hoeven-hosts-hud-secretary-in-north-dakota-outlines-efforts-to-ensure-access-to-affordable-housing.

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