fedgazette

Incentives to work

North Dakota State Roundup

Published March 1, 2003  |  March 2003 issue

Many people try to separate work life from home life. But North Dakota's Housing Finance Agency is trying to lure new residents with the whole package. North Dakota's Housing Finance Agency has set aside $3 million for a pilot project titled the Roots Initiative. The program provides down payment money or a 0.5 percent mortgage interest rate discount for new state residents. The discount would apply to a 30-year loan, and down payment aid would vary according to the size of the mortgage. For a $100,000 mortgage, the down payment aid would equal $3,700, for example.

In order to reap the benefits of the program, the borrower must be employed in a primary sector business, such as manufacturing, food processing or technology.

To be eligible for the initiative, a home purchase would need to be made within six months of relocating. Annual income limits apply, ranging from $65,420 in most counties to $78,260 in Cass and Mercer counties.

Rosie Cataldo

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