Board of Housing allocates over $37M in housing tax credits
Funding will help develop 136 affordable homes in Montana
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News from the Montana Department of Commerce
HELENA – The Montana Department of Commerce announced today more than $37 million in federal housing tax credits will be allocated to six developments to build new affordable homes in five Montana communities.
“The Montana Board of Housing has selected a variety of projects that will help local families and seniors looking for affordable homes in their communities,” said Paul Green, Director of the Montana Department of Commerce. “These properties will provide 136 much-needed new affordable homes in Billings, Bozeman, Dillon, Missoula and Polson.”
The Board allocated the competitive federal housing tax credits to:
Hidden Creek in Bozeman will receive $6.5 million to build 20 new affordable homes for families and individuals.
The Homestead in Dillon will receive $6.5 million to build 20 new affordable homes for seniors.
LB Lofts in Billings will receive $6.5 million to build 22 new affordable homes for families and individuals.
Opportunity Place in Missoula will receive $6.5 million to build 24 new affordable homes for families and individuals, with service connections to Opportunity Resources, Inc., providing independent living opportunities for tenants experiencing developmental disabilities.
Polson Gardens in Polson will receive $6.5 million to build 24 new affordable homes for seniors.
Skyview in Billings will receive $4,702,040 to build 26 new affordable homes for families and individuals.
“These units represent housing for rural and urban communities and families, as well as senior living. The most gratifying aspect of these projects was how the communities and developers stepped up to the plate with donated land and cash contributions, once again showing dedication to providing affordable housing,” said Bruce Posey, Montana Board of Housing Chair.
The Montana Board of Housing is administratively attached to the Montana Department of Commerce. Federal housing tax credits flow through the state agency and fund the new construction or rehabilitation of affordable rental homes each year. This year’s awarded properties will support the creation of an estimated 536 jobs and about $31.1 million in local wages.
