Commerce Celebrates Opening of 100 Affordable Homes

Three new affordable apartment buildings open in Missoula

Wednesday, June 14, 2017/Categories: Community Development Division, Housing Division

New apartment buildings in Missoula, Montana

Montana Department of Commerce Director Pam Haxby-Cote spoke Wednesday with a crowd gathered at the grand opening of Missoula's Sweetgrass Commons, a new 27-unit affordable, accessible, and sustainable housing community.

“We all know that the availability of affordable housing is a key ingredient to growing Montana's economy,” Haxby-Cote said. “This new development will provide opportunities for hard working people and their families to be able to afford to live in the heart of Missoula.”

For the next 46 years, Sweetgrass Commons will remain affordable for families earning between 40-60 percent of Area Median Income. That means that people earning about $14.20/ hour ($29,580/year) or less can afford to live and work in the downtown area. The property is close to public transit, grocery stores, schools, and community spaces.

Local nonprofit housing development organization Homeword put the deal together for the $6 million project with a combination of more than $4.9 million in funding from Commerce’s Housing Credits and Home Investment Partnership Program (HOME). Other funding sources for the project included: Federal Home Loan Bank Des Moines, First Security Bank, US Bancorp, Missoula Redevelopment Agency, Missoula County CDBG, and the Missoula City/County Grants and Community HOME and CDBG Programs.

Commerce is also celebrating the grand opening for the rehabilitation of River Ridge, a 70-unit affordable housing community for seniors 55 or older and people with disabilities. River Ridge, owned and managed by the Missoula Housing Authority, received critical rehabilitation that preserved units that may have been lost to market-rate and was funded by Commerce Housing Credits of over $4 million.

On June 15, Commerce will help celebrate the grand opening of the California Place 6-Plex, a new affordable and energy efficient building that provides one bedroom units for lower-income Missoulians. The Missoula Housing Authority waiting list indicates almost 50 percent of future tenants are looking for one-bedroom homes.

California Place received Commerce HOME program funding of $700,000, in addition to a MBOH loan of $144,000. The building is also owned and managed by the Missoula Housing Authority.

For more information, visit our website at housing.mt.gov or call (406) 841-2700.

 

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DIRECTOR'S OFFICE | MONTANA DEPARTMENT OF COMMERCE
301 S. PARK AVE. | PO BOX 200501 | HELENA, MT 59620-0501 | P: (406) 841-2700 | F: (406) 841-2701 | TDD: (406) 841-2702