News

BISMARCK, N.D. – The Industrial Commission today accepted the retirement resignation letter of Todd Steinwand, President and CEO of Bank of North Dakota (BND), effective July 2, 2024. Steinwand has been with BND since 2015 when he was named the Senior Vice President and Chief Business Development Officer. He was promoted to President and CEO of the Bank in July 2021, with the retirement of Eric Hardmeyer.  

BISMARCK, N.D. – The Industrial Commission approved the Rural-Workforce Initiative to Support Housing (R-WISH) pilot program at its June 26, 2024, meeting. The R-WISH pilot will support rural communities of 20,000 residents or less with construction of market rate housing for workforce when a company is locating or expanding its operations. The program will utilize up to $10 million of Bank of North Dakota (BND) capital to complement the work being done by the North Dakota Housing Finance Agency and the North Dakota Housing Initiative Advisory Committee. 

BIThe North Dakota Industrial Commission, acting in its capacity as the North Dakota Transmission Authority (NDTA), commissioned a study on the impact of the Environmental Protection Agency’s (EPA) Final Greenhouse Gas Standards with ALWAYSON Energy Research in April. Claire Vigesaa, Executive Director of the NDTA presented highlights of the study to the Commission at their May 28^th, 2024 meeting. The study modeled the impact of the EPA standards on the two Regional Transmission Organizations (RTOs) serving North Dakota, the Mid-Continent Independent System Operator (MISO) and the Southwest Power Pool (SPP).  The impact analysis demonstrated that the EPA’s proposed rules would result in the retirement of baseload power generation plants across the region. Baseload power is generated from a source which can be dispatched on-demand, in contrast to intermittent sources like renewable power which relies on favorable weather conditions to generate power.  

BISMARCK, N.D. – The state-owned Bank of North Dakota (BND) reported total assets of $10.1 billion at year-end 2023, consistent with the previous year. With record profits of $192.7 million, an increase of $1.5 million from 2022, the Bank also had an excellent return on investment of 18.2%. BND’s profits are utilized to support loan participations with partner financial institutions and to support disaster recovery programs.  Profits may also be used to support legislatively directed loan programs and capital transfers to the general fund as needed.  Excess earnings are retained and accumulated to fund capital.

BIBISMARCK, ND – The North Dakota Industrial Commission has approved updated income limits for programs that assist North Dakota residents, typically first-time buyers, in achieving homeownership. Administered by the North Dakota Housing Finance Agency (NDHFA), these programs offer low-cost financing, as well as down payment and closing cost assistance.

BISMARCK, N.D. – The Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has received a $5.1 million grant from the FHLB Des Moines Member Impact Fund. Included in the $5.1 million is a $1.28 million match funded from BND capital.

NextEra accepts, Prairie Horizon declines Clean Sustainable Energy Authority Fertilizer Development Loan
 

The North Dakota Industrial Commission, consisting of Gov. Doug Burgum, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring, announced today that NextEra Energy Resources Development has accepted loan terms under the state’s Clean Sustainable Energy Authority (CSEA) Fertilizer Development Loan Program, while Prairie Horizon Energy Solutions has declined.

BISMARCK, N.D. (FEB 27, 2024) – The North Dakota Industrial Commission, comprised of Governor Doug Burgum, Attorney General Drew Wrigley, and Agriculture Commissioner Doug Goehring, released the following statement regarding the passing of former Bank of North Dakota President and CEO Eric Hardmeyer, who began his career with the Bank in 1985 and served as the Bank’s President and CEO from 2001-2021. Hardmeyer died Saturday, Feb. 24, at the age of 64.

BISMARCK, ND – The North Dakota Industrial Commission announced the allocation of funds to affordable housing projects by the North Dakota Housing Finance Agency (NDHFA).

The North Dakota Industrial Commission, consisting of Gov. Doug Burgum, Attorney General Drew Wrigley and Agriculture Commissioner Doug Goehring, approved a total of $11.3 million in matching grants during its first grant round for grid resilience funding under the section 40101(d) of the Bipartisan Infrastructure Law (BIL) as well as its 59^th grant round of the Oil and Gas Research Program.