The Montana Board of Housing this week selected eight housing developers to submit full applications for Housing Credits, the primary source of funding for affordable housing development in the nation.
Up to five developers will receive funding in November and be ready to break ground on new developments in the spring of 2018. The communities with the opportunity to expand affordable housing developments are: Billings, Butte, Deer Lodge, Kalispell, Lewistown, Livingston, Poplar/Wolf Point.
“Montana’s affordable housing needs can’t be minimized, it’s why these Housing Credit projects are so important for our communities,” Department of Commerce Director Pam Haxby-Cote said. “For Montana’s economy to continue growing, we need to make sure folks have an affordable place to live.”
The Board of Housing can fund the construction or rehabilitation of approximately 200 rental units each year. This creates more than 485 jobs, more than $20.6 million in local wages, and more than $2 million in new taxes and revenues for local governments.
While the Board can fund 200 new or rehabilitated homes each year, the need is greater. Housing developers in 18 communities have requested funding for more than 575 units.
For more information, visit our website at housing.mt.gov or call (406) 841-2700.