A proven tool to incentivize private investment and promote community and economic development, we urge you to join us in supporting the Minnesota Tax Credit Contribution Fund for housing, modeled after North Dakota's Housing Incentive Fund (HIF). Since its inception in 2011, North Dakota's HIF has leveraged roughly $5 for every $1 invested, creating more than 2,500 units across the state. Minnesota communities of all sizes would benefit from this simple, effective tool.
The program is capitalized by contributions from taxpayers that have state income, corporate, or insurance premium tax liabilities. In exchange for contributions to affordable housing, participating taxpayers receive credit against their state tax liability equal to their contribution to a specific development or to a general loan pool. Participation in the program is simple; the credit is flexible, easy to use statewide, leverages significant private equity, and boosts local businesses.
The Minnesota Tax Credit Contribution Fund is about neighbors helping neighbors to create housing opportunities that help businesses and communities thrive. Please join us in supporting this innovative new tool.
[Signing individuals and organizations]