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Commerce Announces $2.4 Million to Rehabilitate and Preserve Affordable Rental Homes

Housing Trust Fund Awards will support 133 affordable homes

Tuesday, November 24, 2020/Categories: Community Development Division, Montana Housing

MONTANA – The Montana Department of Commerce announced Tuesday that three affordable housing developers in two Montana communities will share $2.4 million of federal funding through the Housing Trust Fund Program. The funding will be used to support the rehabilitation and preservation of affordable rental homes in Montana.

“By supporting the development of affordable homes, we can provide a safe place for Montanans to live and strengthen their communities with added stability and resiliency to economic challenges,” said Jennifer Olson, Montana Department of Commerce Community Development Division Administrator. “The Housing Trust Fund Program allows Commerce to support existing federal, state and local efforts to preserve or build new affordable homes for Montana families and individuals.”

Housing Trust Fund grants will be awarded to:

  • Bozeman - Human Resource Development Council | $1,000,000 to rehabilitate and preserve the Boulevard Apartments, 41 affordable homes for residents.
     
  • Havre - Affiliated Developers | $500,000 to rehabilitate and preserve the Oakwood Village Apartments, 60 affordable homes for families and individuals.
     
  • Havre - Human Resource Development Council | $900,000 to rehabilitate and preserve the Highland Manor Apartments, 32 affordable homes for families and individuals.

“In the midst of a pandemic that has disproportionally impacted our elderly neighbors and accelerated our housing affordability crisis, we are grateful for the state's support of our efforts to preserve and rehabilitate the Boulevards,” said Heather Grenier, Human Resource Development Council Bozeman President. “These subsidized homes are invaluable to our community and preserving them is one of our most impactful affordable housing strategies." 

In addition to the Housing Trust Fund money awarded, the Boulevard Apartments, Oakwood Village and Highland Manor also received funding through federal Housing Credits allocated by Commerce’s Montana Board of Housing.

The Housing Trust Fund is a U.S. Department of Housing and Urban Development-funded affordable homes program administered by the Montana Department of Commerce.  The purpose of the Housing Trust Fund Program is to increase the supply of safe and affordable homes for lower income households.

Commerce supports the construction or rehabilitation of about 485 affordable homes each year, on average. For more information about the Housing Trust Fund Program visit COMDEV.MT.GOV.

 
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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
 

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