Montana Board of Housing Allocates More Than $31 Million to Develop Affordable Homes in Five Communities
HELENA – The Montana Department of Commerce announced today more than $31 million in federal housing tax credits have been allocated by the Montana Board of Housing to developments in five communities to preserve or build 279 affordable homes.With rising inflation, some Montanans are struggling to keep up with bills and pay rent. Finding affordable rentals can be difficult, not just in Montana’s larger towns, but also its rural communities. Federal housing tax credits, which allow developers to borrow less construction money and pass the savings along through lower rent, are vital to the availability of more affordable homes.
“The projects that were selected by the Board will have a meaningful impact for Montana families, seniors, and Tribal members looking for affordable housing in their communities,” Commerce Director Scott Osterman said. “For the first time in more than 10 years, a Libby project received an award that will bring 24 new affordable homes to area residents. Additionally, a Missoula project was approved to help prevent 181 affordable homes from becoming market-rate units. These allocations will also help rehabilitate homes in Crow Agency, and add dozens of new senior homes in Butte and Great Falls.”
This year, developers submitted housing tax credit applications for six distinct projects, requesting more than $38 million to build or rehabilitate homes. Last month, the Board allocated the competitive federal housing tax credits to:
- Butte – Meadowlark Senior Apartments will receive $6,500,000 to build 26 new affordable homes for seniors.
- Crow Agency - ANHA LIHTC #2 will receive $6,435,000 to acquire and rehabilitate 23 affordable homes for families and individuals.
- Great Falls - Carter Commons will receive $6,500,000 to build 25 new affordable homes for seniors.
- Libby - Cabinet Apartments will receive $6,500,000 to build 24 new affordable homes for families and individuals.
- Missoula – Creekside Apartments will receive $5,750,000 to acquire and rehabilitate 181 affordable homes for families and individuals.
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 280 homes each year. This supports the creation an estimated 550 jobs, about $29 million in local wages, and more than $2 million in new taxes and revenues for local governments.
Tags: Montana Housing