Commerce Announces $25 Million to Develop Affordable Rental Homes in 14 Montana Communities
HELENA – The Montana Department of Commerce announced today more than $25 million in federal funding has been allocated to 14 Montana communities to rehabilitate, preserve, or construct more than 945 affordable rental homes.“As Montana’s economy continues to thrive, it is crucial that our workers and their families have a place to call home," Commerce Director Scott Osterman said. “With multiple tools available to the state, we will continue to work alongside our housing partners to provide quality, affordable homes for our friends and neighbors across Montana.”
In October, the Montana Board of Housing (MBOH) allocated $22.6 million in federal housing tax credits to four affordable rental properties, leaving additional leftover credits that were not allocated. On November 15, the Board allocated those additional housing tax credits to:
- Big Sky: RiverView Apartments will receive $6,491,250 of Housing Tax Credits to build 25 new homes for families and individuals.
- Lewistown: Crowley Flats will receive $220,000 of Housing Tax Credits to build 16 new homes for families and individuals.
In addition, Commerce’s Montana Housing recently allocated Housing Trust Fund (HTF) grant funding, HOME Investment Partnerships Program grant funding, and American Rescue Plan Act (ARPA) State Fiscal Recovery gap financing funding to:
- Anaconda: Hearthstone Apartments will receive $500,000 of HTF funding to rehabilitate and preserve 109 existing homes for seniors.
- Billings: Jackson Court will receive $889,704 of HOME funding to build 38 new homes for families and individuals.
- Billings: Montana Rescue Mission will receive $2,000,000 of ARPA gap financing to build 29 new homes for families and individuals.
- Billings: Tapestry Apartments will receive $650,000 of HOME funding to build 26 new homes for families and individuals.
- Crow Agency: Apsaalooke Nation Housing Authority will receive $1,580,483 of ARPA gap financing to rehabilitate and preserve 43 existing homes for families and individuals.
- Great Falls: Baatz Apartments will receive $1,700,000 of HOME and HTF funding to develop 25 new permanent supportive homes in an existing downtown building.
- Havre: Highland Manor will receive of $541,696 of HTF funding and $859,517 of ARPA gap financing to rehabilitate and preserve 32 existing homes for families and individuals.
- Havre: Oakwood Village will receive of $250,000 of HTF funding to rehabilitate and preserve 60 existing homes for families and individuals.
- Helena: Fire Tower Apartments will receive of $400,000 of HTF funding to rehabilitate and preserve 44 existing homes for seniors and those with disabilities.
- Joliet and Laurel: Spruce Grove will receive $1,550,000 of ARPA gap financing to rehabilitate and preserve 62 existing homes for seniors.
- Laurel: Laurel Depot will receive $2,000,000 of ARPA gap financing to build 24 new homes for families and individuals.
- Lewistown: Crowley Flats will receive $380,000 of HOME funding to build 16 homes in an existing downtown building for families and individuals.
- Livingston: Bluebunch Flats will receive $520,000 of ARPA gap financing to complete 37 new homes for families and individuals.
- Missoula: Trinity Apartments will receive $2,000,000 of ARPA gap financing to build 202 new homes for families and individuals.
- Missoula: Villagio Apartments will receive $2,000,000 of ARPA gap financing to build 200 new homes for families and individuals.
- Ronan: Meadowlark Apartments will receive $210,000 of ARPA gap financing to complete 24 new homes for families and individuals.
- Whitefish: Alpenglow Apartments will receive $280,000 of ARPA gap financing to complete 38 new homes for families and individuals.
Each year, the Montana Department of Commerce receives and administers $6 million of federal funds from the U.S. Department of Housing and Urban Development (HUD) for HTF and HOME Investment Partnerships Program grants to create affordable homes in Montana.
Federal Housing Tax Credits are available under Section 42 of the Internal Revenue Code. Each fall, the Montana Board of Housing votes on the final allocation of Montana’s housing tax credits for the construction or preservation of affordable homes.
In addition, Montana Housing recently set aside $15,000,000 of ARPA funding to provide critical gap financing for affordable home projects experiencing significant development cost increases due to COVID-19 related worker shortages, supply chain disruptions, and price escalations in key building materials like lumber. The funds were recommended for this use by the ARPA Economic Transformation and Stabilization, and Workforce Development Advisory Commission established under House Bill 632; the final allocation was approved by Governor Gianforte.
Tags: Montana Housing