Governor Bullock Announces $32.4 Million to Develop Affordable Homes in 5 Montana Communities

${alt} MONTANA – Governor Steve Bullock today announced more than $32.4 million in federal housing tax credits will be allocated to developments in five communities in Montana to preserve or build more than 160 new affordable homes.

“Access to affordable homes are vital for our communities to grow and prosper. These homes will provide a safe place to live and needed stability for many Montanans in communities across the state,” Governor Bullock said. “Working alongside our statewide housing partners, we will continue to support the development and preservation of safe and affordable homes for Montana families and individuals.”

On Monday, the Montana Board of Housing approved tax credits for six affordable developments. Federal housing tax credits allow developers to borrow less money for construction and pass those savings along to families and individuals through lower rent. This year, developers submitted housing tax credit applications for six distinct projects requesting more than $34.6 million to build or rehabilitate homes.

The Board has allocated the competitive federal housing tax credits to the following communities:

The Montana Board of Housing is part of the Montana Department of Commerce. Federal housing tax credits flow through the state agency and fund the construction or rehabilitation of about 220 homes each year.

Tags: Montana Housing and Montana Board of Housing