HomeMy WebLinkAboutG.2.2 - HRDC funding request_Boulevard Apartments BUILDING A
BETTER
COMMUNITY
December 4, 2019
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u Marty Matsen
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Community Development Director
r City of Bozeman
20 East Olive Street#202
Bozeman, MT 59715
@j RE: Boulevard Apartments Funding and Support Request
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Marty,
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Please accept this letter as HRDC's official request for financial support for the
acquisition, preservation and rehabilitation of the Boulevard Apartments located at 6
W. Babcock St., Bozeman, MT. HRDC is seeking funding in the amount of $500,000
which will be leveraged with funds from HRDC, Low Income Housing Tax Credits,
Housing Trust Fund Grant Funds, and private investment and philanthropy which
were provided with the expectation of City of Bozeman support.
Financial support from the City of Bozeman will help provide the community with
permanent, deeply affordable housing for some of Bozeman's most vulnerable
populations. The Boulevard Apartments is often the first housing available for
households exiting chronic homelessness. The building has many long-term tenants
on very low, fixed incomes,who would certainly become homeless if the building
was not owned by HRDC and the subsidy lost. The loss of the Boulevards from
Bozeman's inadequate affordable housing inventory would be devastating.
Preserving and rehabilitating this resource for the Bozeman community ensures
that 39 households are not displaced and the units remain affordable to the
Bozeman community in perpetuity.
Additionally; efforts to preserve the Boulevard Apartments are in line with existing
efforts to increase and preserve the supply of and decent, safe and sanitary housing
which were noted as needs and goals of the 2019 City of Bozeman Housing Needs
Assessment and Housing Action Plan. It is our belief that this project is in line with
the purpose of the Community Housing Fund and we humbly request your approval.
Thank you for your consideration of our request.
Sinc rel 406.587.4486
hello@thehrdc.org
32 South Tracy
ea er Gre ier Bozeman, Montana 59715
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President/C 0
HRDC
BUILDING A BETTER COMMUNITY