On Monday, the Montana Board of Housing (MBOH) allocated more than $27.6 million in federal Housing Credits that will help finance new construction and rehabilitation of rental housing that is affordable for families and individuals across Montana.
“These Housing Credits will create more affordable and accessible homes for Montana families, seniors and people with disabilities,” said Commerce Director Pam Haxby-Cote. “The Housing Credits allocation process is a valuable financing tool that will allow the development of affordable housing in communities with great need.”
The following communities have received this year’s round of Housing Credits:
- Billings: Heights Senior Apartments received $6.8 million for a 38-unit new construction project for seniors. Total project investment of $6.9 million will result in 88 Montana jobs, earning $3.7 million in wages. Developer: GMD Development.
- Butte: Copper Ridge Apartments received $5.2 million for a 32-unit new construction project for families. Total project investment of $6.8 million will result in 68 Montana jobs earning $2.8 million in wages. Developer: Butte Affordable Housing/Thomas Development.
- Kalispell: Courtyard Apartments received $4.5 million for a 32-unit acquisition rehabilitation project for families. Total project investment of $4.9 million will result in 58 Montana jobs earning $2.4 million in wages. Developer: ReCAP and RI.
- Lewistown: Meadows Senior Apartments received $3.2 million for a 35-unit acquisition rehabilitation project for seniors. Total project investment of $4.2 million will result in 39 Montana jobs earning $1.7 million in wages. Developer: Thies & Talle.
- Livingston: Blue Bunch Flats received $5.8 million for a 34-unit new construction project for families. Total project investment of $7.7 million will result in 77 Montana jobs earning $3.2 million in wages. Developer: Homeword, Inc.
“This means the world to our community” said Marney McCleary, Housing Director of the Community Action Partnership of Northwestern Montana in Kalispell. “We will be able to improve the Courtyard Apartments, and we will be able to sustain this property and keep it financially and physically viable for years to come.”
State Housing Finance Agencies, like MBOH, award federal Housing Credits to developers who turn the credits into construction funds by selling them to investors. These credits allow developers to borrow less money and pass the savings along to qualified tenants through lower rents.
For more information, visit our website at housing.mt.gov or call (406) 841-2840.