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Housing Finance Agency seeks funds to expand loan-servicing staff, move homeless grants into HIF and boost housing incentives
Summary
Agency officials told lawmakers they need additional staff funded from agency earnings to manage rapid portfolio growth, requested $40 million for the Housing Incentive Fund and asked that the North Dakota homeless grant be transferred into HIF and funded at $10 million.
The Appropriations - Education and Environment Division heard a detailed presentation from North Dakota Housing Finance Agency officials about rapid growth in loan servicing, the agency’s request for additional staff funded from agency earnings, and a push for larger Housing Incentive Fund and homeless-grant appropriations.
Agency leaders summarized growth and risk
Brandon Detloff, Homeownership Director at the agency, described how the agency issues mortgage revenue bonds, acquires loans from participating lenders and services those loans. "We issue mortgage revenue bonds," Detloff said, explaining the agency’s principal funding vehicle for homeownership programs. He told the committee that the agency has 55 participating lenders and that production has increased: the agency funded 1,982 loans last year and sold a little over $500 million in mortgage revenue bonds.
The agency noted its portfolio-servicing workload has…
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