Exxon Financing North Dakota Housing Needs
BISMARCK, N.D., July 28 (UPI) — An Exxon Mobil subsidiary came forward with about a quarter of the funds needed to support affordable housing initiatives in North Dakota, the state said.
North Dakota Housing Finance Agency in early July committed to 24 projects, which would require about $30 million by year’s end to move forward. The state government announced XTO Energy Inc., an Exxon affiliate, wrote the state a $5 million check to support the state’s Housing Incentive Fund, which will support developments in the west of the state.
XTO is among the largest operators of active wells in North Dakota, with about 12 percent of the 73 active wells in the state at the heart of the nation’s oil boom. The oil boom has constricted available housing and led to increased rental rates.
Four housing and apartment developments in the west of the state will split the company’s contribution.
Fund distribution is controlled by the state Industrial Commission, which oversees oil and gas production and includes Gov. Jack Dalrymple as its chairman.
“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 governor said in a statement.
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