QEP Resources Invests $1M in Affordable Housing Units

By The Bakken magazine staff | February 10, 2014

QEP Resources Inc. invested $800 million in 2013 in its oil production related operations. In December, the exploration and production firm added another $1 million to its list of investments in the Williston Basin, contributing the money to the Housing Incentive Fund to help create affordable housing units in western N.D.

“QEP Resources is excited and thankful for the opportunity to contribute $1 million to support the state’s affordable housing development program,” Matt Thompson, vice president of the company’s Northern Region said. “As we safely and responsibly develop North Dakota’s natural resources, we are committed to supporting the growth and development of the state’s local communities through programs like the Housing Incentive Fund. We look forward to continued investment in the state for years to come.”

The contribution will be used to develop Arrowhead Estate in Arnegard and the second phase of a Williston State College Foundation development. Both projects will be used to house essential service workers, according to the N.D. Industrial Commission.  The N.D. Housing Finance Agency, which is responsible for administering the money, has received 448 contributions. The greatest financial support for the housing fund has come from financial institutions. Gate City Bank and U.S. Bank each provided $3 million, while Bell State Bank & Trust along with Wells Fargo Bank contributed $1 million apiece. Companies participating in the Housing Incentive Fund effort receive a tax credit against their state income tax liability equal to their contribution.

Tesoro Corp. also contributed to the HIF fund last year donating $500,000 to support housing in western N.D. Tesoro’s donation will be used in the N.D. communities of Bismarck, Mandan, Dickinson, Watford City and Williston.