HomeMy WebLinkAbout11-21-22 Correspondence - Montana Department of Commerce - RELEASE_ Montana Board of Housing Allocates More Than $31 Million to Develop Affordable Homes in Five CommunitiesFrom:Montana Department of CommerceTo:AgendaSubject:RELEASE: Montana Board of Housing Allocates More Than $31 Million to Develop Affordable Homes in FiveCommunitiesDate:Monday, November 21, 2022 9:32:08 AM
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montana department of commerce
Creekside Apartments in Missoula
Creekside Apartments in Missoula - Photo by Montana Department of Commerce
FOR IMMEDIATE RELEASE: Monday, November 21, 2022
CONTACT: Anastasia Burton | Anastasia.Burton@mt.gov | 406.841.2557
Montana Board of Housing Allocates MoreThan $31 Million to Develop Affordable Homesin 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 members of the Montana Board of Housing faced a very difficult decision
this year, as in every year, choosing which developments will receive federal
housing tax credits funding,” said Montana Board of Housing Chair Sheila Rice.
“Enacting a state affordable housing tax credit, as recommended in the
Governor’s Housing Task Force report this month, would present an incredible
opportunity for the state to support the development of more affordable,
attainable housing in the future.”
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.
-END-
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